According to major asset manager Pantera Capital, bitcoin (BTC) is on track to hit $150,000 per bitcoin. The crypto asset manager announced this in a newsletter last Tuesday. This forecast is prepared by Pantera Capital based on historical analysis.
Bitcoin price at $150,000
According to Pantera Capital, Bitcoin price follows relatively predictable cycles. Currently, Bitcoin is following this cycle and if this trend continues, Bitcoin will reach $150,000 during the upcoming cycle top.
The report states that the bottom and top of the Bitcoin cycle occur around the same time. Before and after the bitcoin halving. During the halving, block rewards for bitcoin mining are halved. This happens every four years.
“Historically, bitcoin bottoms 477 days before the halving. The price is increasing leading up to this halving and increasing very quickly after the halving.”
According to Pantera Capital. Based on this analysis, the Bitcoin bottom price was reached around December 30, 2022. The value of BTC at that point was around $16.5,000. Around the halving, the price will be around $35,000, according to Pantera Capital. Things get really wild in the 480 days after the halving.
“The next halving will occur on April 20, 2024. With most bitcoin now in circulation, each halving will result in a reduction in supply by half. If history repeats itself, Bitcoin will rally to $35,000 before the halving and $148,000 after.”
That is new all time high will take place in July 2025 based on the length of previous cycles.
PlanB’s BTC forecast
Pantera Capital is not alone in this expectation. There is also the well-known Stock-to-Flow (S2F) model from PlanB, a Dutch analyst. This model examines the relationship between bitcoin production and the existing supply and analyzes possible future price developments.
PlanB also points out that historically, BTC price tends to rise after the halving and peaks between the two halvings. Based on this model, the bitcoin price could simply skyrocket in late 2024 or early 2025. So this model correlates reasonably well with Pantera Capital’s forecast.