In an interview with Scott Melker, Caitlin Long, the CEO of Custodia Bank, expressed her belief that the upcoming Bitcoin (BTC) halving event could have a more significant impact than previous ones.
Bitcoin will reach $147,843 in early August 2025
She shared her agreement with Pantera Capital’s new model, which predicts that Bitcoin will reach $147,843 in early August 2025, approximately 480 days after the anticipated halving event on April 16th, 2024.
Long agrees that the halving will have a significant impact on the top cryptocurrency asset.
As an important event in finance, the halving of Bitcoin has been widely anticipated and well-publicized. However, what happens after the halving is not necessarily predictable.
Despite the high profitability of mining machines at present, they will become unprofitable once the halving occurs. This is not something that can be traded ahead of time.
While it is possible that the more developed futures market or hedging by miners may mitigate this effect, it is unlikely due to the recent shakeout in the mining industry. Additionally, Bitcoin’s hash rate continues to grow, which is a deviation from past market cycles.
Therefore, it is possible that the halving may have an even greater impact this time around, as outdated mining machines will likely be shut off. This could have significant implications for the Bitcoin market.
Bitcoin optimistic prediction is out
The person who accurately predicted the lowest price of Bitcoin during the 2018 bear market is certain that the cryptocurrency will surpass this year’s highest price.
In a recent video that he shared with his 224,500 followers on X, a social media platform, analyst Bluntz states that BTC may undergo some corrective movements before regaining its bullish momentum.
Bluntz employs the Elliott Wave theory, a technical approach that uses crowd psychology to predict future price movements, which typically come in waves. Check out our previous article in order to learn more details about this.
