Crypto asset manager Pantera Capital believes Bitcoin (BTC) will reach close to $150,000 in the first half of 2025, while hinting that the bottom of this cycle may be imminent.
BTC price predictions and what will happen after the next one Bitcoin halving arrived at the last Blockchain letter by Dan Morehead of Pantera, Joey Krug and Jesus Robles.
“Bitcoin historically bottomed 477 days before the halving, surged forward, then exploded higher afterward. Rallies after the halving lasted an average of 480 days – from the halving half at the top of this next bull cycle,” the three crypto investment managers wrote in the letter.
“IF history were to repeat itself, the price of bitcoin would reach November 30, 2022. We would then see a rally in early 2024 and then a strong rally after the halving,” they added.
Specifically, Pantera predicted that bitcoin would hit around $36,000 before the halving and peak near $150,000 after.
The next Bitcoin halving is expected to take place on March 22, 2024.
Historically, bitcoin bottomed 1.3 years before each halving and peaked 1.3 years after the halving.
If history is to repeat itself, the peak of the next bull market should therefore be seen in the first half of 2025.
This isn’t the first time Pantera has predicted higher prices
It should be noted, however, that this is not the first time that Pantera has predicted massively higher bitcoin prices.
In February this year, Pantera chief investment officer Joey Krug said he believed the the crypto market is ready to “decouple” traditional macro assets, even in the face of higher interest rates.
“That doesn’t guarantee it won’t fall much lower next month, or anytime, but it just means the odds are really high that the markets are at the extreme and rebounding relatively quickly,” Krug said. at the time.
The company remained cautiously optimistic in June this year, when Pantera’s Morehead predicted that the worst was already behind us for this year’s crypto market downturn.
There could still be “a little more [meltdowns] coming in a month or two,” Morehead said, adding that “with 70-90% downdraft, we’ve probably solved most of the issues.”
At the time, Morehead also admitted that his fund – which is normally heavily focused on altcoins – took “a larger bitcoin allocation to reduce downside risk.”