Pantera Capital, a venture capital firm specializing in digital assets, has stated that Bitcoin (BTC) may reach a six-figure price.

The firm’s founder and other executives co-authored a report predicting that Bitcoin could rally by approximately 32% from its current level before the next halving.

Bitcoin could rally by 32%

Following that, Bitcoin would need to rally by over 450% to reach the peak of the next bullish cycle, according to Pantera Capital.

“The next halving is expected to occur on April 20, 2024. Since most bitcoins are now in circulation, each halving will be almost exactly half as big a reduction in new supply.

If history were to repeat itself, the next halving would see bitcoin rising to $35,000 before the halving and $148,000 after.”

Bitcoin is trading at $26,378 at time of writing.

According to the Pantera Capital team, there are positive events that can contribute to the next bull run of Bitcoin, apart from the halving. These events include the XRP ruling and endorsements from companies like BlackRock.

Additionally, the expected Bitcoin Halving in April 2024 creates a strong foundation for the digital asset’s next bull market.

The Pantera Capital team also comments on whether Bitcoin has already reached its lowest point, stating that historically, Bitcoin has hit its bottom 477 days before the halving, increased leading up to it, and then skyrocketed afterward.

The rallies after the halving have typically lasted for 480 days, reaching the peak of the next bull cycle.

If history repeats itself, the price of Bitcoin would have hit its lowest point on December 30th, 2022.

Michaël van de Poppe said the following about BTC:

“Bitcoin moves alongside commodities.

Silver reclaimed all the losses and is back to the levels of July.

Matter of time whether Bitcoin runs back to $30,000.

If we have another sweep of the lows at $24,000-25,000 -> I’m a final buyer before the bull.”

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