Pantera Capital is an investment fund that focuses on crypto and predicts a bright future for bitcoin (BTC). Through CEO Dan Morehead, the investment fund says it expects a bitcoin price of $ 149,000 in the short term.
Bitcoin bottom in November
Pantera Capital expects bitcoin to bottom out this month and then pick up steam for the next one halving. In early 2024, the impending halving should be the flame that sparks a new one bull run caused for bitcoin. A bitcoin halving is when the reward for miners for finding a new block is halved.
In the past, the bitcoin price started a bull run after every halving and the price often picks up in the run-up to the halving. “Bitcoin historically bottomed on average 477 days before the halving, then climbed leading up to the halving, then exploded all the way up,” said Pantera Capital.
“If history repeats itself, the price should find a bottom around November 30. After that, the rally should start in early 2024, with a strong continuation of that rally in the months after the halving,” Dan Morehead continues. If history repeats itself, then we should follow roughly the path depicted above in terms of heading.
BTC at $36,000 ahead of the halving
Pantera Capital predicts that the bitcoin price will move towards $ 36,000 in the run-up to the halving. That’s not very special compared to the top of the previous bull run of $ 69,000, but it’s starting to look like something. For now, the next halving is scheduled for March 2024, so it remains to be seen in that regard.
It would be something if bitcoin indeed rebounded to a price of about $ 149,000 after the next halving. That is a course that we cannot imagine at the moment, certainly not after the drama surrounding FTX, which has done little good to confidence in the market.