Jessica Walker, the co-host of the crypto market commentary show “Coin Bureau,” has taken a closer look at the recent Bitcoin price prediction made by crypto-focused investment firm Pantera Capital in the latest issue of the firm’s newsletter (called “Blockchain letter”).
Walker highlighted that Pantera Capital is a pioneering venture capital firm in the crypto space. Founded in 2013, the firm has been instrumental in shaping the blockchain industry. Walker pointed out that Pantera’s reputation is so robust that it made Fortune’s list of top 40 crypto firms for 2023.
Walker then dived into Pantera Capital’s blockchain letter, dated August 22, 2023, where the firm predicts that Bitcoin could reach $148,000 by mid-2025.
She noted that this bullish forecast is influenced by several factors, including the Bitcoin halving event, which is expected to take place in April 2024.
Factors Cited by Walker:
- Ripple Labs Ruling: Walker mentioned that a landmark ruling in favor of Ripple Labs in July was a positive development for the crypto market.
- BlackRock’s Endorsement: According to Walker, BlackRock’s spot BTC filing and the subsequent institutional interest in Bitcoin ETFs have also contributed to a bullish outlook.
- Bitcoin Halving: Walker explained that the Bitcoin halving event, which reduces the mining reward by 50%, is a significant factor in Pantera’s prediction. She emphasized that the halving contributes to Bitcoin’s scarcity and inflation-resistant characteristics.
Walker also discussed Pantera’s use of the stock-to-flow price projection, a ratio that compares the existing stock of Bitcoin to the flow of new production. She said that Pantera’s analysts studied this ratio across each halving event to arrive at their prediction.
Walker took the time to review Pantera’s track record with past predictions. She noted that while they accurately predicted Bitcoin would hit around $63,000 in April 2021, they’ve also had some misses, such as a low prediction of $6,500 in April 2018.
https://www.cryptoglobe.com/latest/2023/09/148000-coin-bureaus-jessica-walker-on-pantera-capitals-bold-bitcoin-prediction/