BTC Price To Hit $148k After Bitcoin Halving: Pantera Capital
As the crypto community anticipates the Bitcoin halving scheduled for April 2024, experts at Pantera Capital predict that historical patterns could spur a significant price rally. Pantera highlights that Bitcoin has emerged from its longest stretch of negative yearly returns, indicating potential shifts in the market dynamics.
BTC Price To Hit $148k Post Bitcoin Halving?
Pantera emphasizes the historical trend of increased demand leading up to halving events, driven by the anticipation of price hikes. Notably, the first halving reduced the new Bitcoin supply by 17% and had a profound impact on both supply and price. However, subsequent halvings’ influence on price might diminish due to diminishing reductions in new supply.
With the next halving scheduled for April 20, 2024, Pantera’s analysis suggests a possible price trajectory. If history replicates itself, Bitcoin could see a rise to $35k before the halving and a staggering leap to $148k post-halving. The concept of diminishing impact on price due to successive halvings is depicted in Pantera’s analysis of supply reductions. Bitcoin price is trading at $26,353.86, at the time of writing.
The Bitcoin halving, a pre-programmed event that reduces block rewards every four years, has historically been linked to price surges. Currently rewarding miners with 6.25 bitcoins per block, the upcoming halving will slash this figure to 3.125 BTC. While the Efficient Markets Theory suggests that such events should be factored into the market, Pantera’s analysis indicates potential for price spikes if demand remains constant amidst reduced supply, Pantera noted.
Also Read: BONE Price Soars 15% As Shibarium Mainnet Goes Live Again
Anticipation Aroung BTC Halving Event
The Pantera Capital report adds to the discussion and speculative thinking about the potential outcomes as the crypto market anticipates the upcoming halving. As the sector navigates its future dynamics, the price history of bitcoin continues to be an interesting point of reference, especially in light of the impending halving event.
Also Read: Ethereum Shaky Above $1,600, Can Whales Liberate The Bulls?
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