Crypto fund Pantera Capital says that the subsequent Bitcoin (BTC) halving occasion will spark a bull rally starting in early 2024.
Pantera Capital CEO Dan Morehead and different executives are telling traders that the worth of Bitcoin is prone to backside all through November and choose up steam forward of the subsequent halving.
A Bitcoin halving occasion is when miners’ block rewards are reduce in half and, consequently, the provide is crunched. In the previous, Bitcoin’s worth has rallied earlier than and after the halving occasions. The subsequent one is predicted this spring.
“Bitcoin has traditionally bottomed 477 days previous to the halving, climbed main into it, after which exploded to the upside afterward. The post-halving rallies have averaged 480 days – from the halving to the peak of that subsequent bull cycle. If historical past had been to repeat itself, the worth of Bitcoin would trough November 30, 2022. We would then see a rally into early 2024 after which a robust rally after the precise halving. The following chart exhibits what would possibly occur if Bitcoin repeats the efficiency round earlier halvings.”
Pantera predicts Bitcoin’s worth will soar to $36,000 in the lead-up to the subsequent halving that’s anticipated to happen in March 2024 and afterward proceed its bull run to an all-time excessive of $149,000.
“The 2020 halving decreased the provide of latest Bitcoins by 43% relative to the earlier halving. It had a 23% as large an impression on worth. The subsequent halving is predicted to happen on March 22, 2024. Since most Bitcoins at the moment are in circulation, every halving can be virtually precisely half as large a discount in new provide. If historical past had been to repeat itself, the subsequent halving would see Bitcoin rising to $36,000 earlier than the halving and $149,000 after.”
At time of writing, Bitcoin is buying and selling palms at $16,887.
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