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Cryptocurrency News Articles
Pantera Capital Predicts Bitcoin to Soar to $117K by 2025
May 10, 2024 at 06:01 am
Pantera Capital Predicts $117,000 Bitcoin Price by 2025
Market Insight
The Bitcoin market has been marked by significant volatility in recent times. After reaching a low of $56,500, the cryptocurrency rebounded to $65,500 within four days. However, a subsequent pullback has brought BTC to the $61,000 support level.
Venture Capitalist Optimism
Despite the market volatility, venture capital firm Pantera Capital remains bullish on the long-term prospects of Bitcoin. In an investor letter, the firm outlined its "Bitcoin Halving rallies model," which forecasts a price bottoming followed by a surge in the lead-up to and following the Halving event.
The Halving, which occurs every four years, reduces the block reward for Bitcoin miners by half. This decreased supply, coupled with relatively constant demand, creates upward pressure on the price.
Historical Performance
Pantera Capital's model is based on the historical performance of previous Halving cycles. The average duration of these rallies, from pre-Halving to post-Halving, has been approximately 2.6 years. The firm predicts that the current rally will peak at $117,000 in August 2025.
The historical record also indicates that the impact of subsequent Halvings on price may diminish as the reduction in supply becomes less significant. Nevertheless, Pantera Capital believes that BTC's price will continue to appreciate over the long term.
Analyst Forecast
Renowned crypto analyst Titan of Crypto has shared bullish predictions for Bitcoin on social media. The analyst projects a price range of $75,000 to $110,000, citing various factors and technical indicators.
According to Titan of Crypto, a price rise to $110,000 is "programmed," although the specifics of this mechanism are not elaborated upon. The analyst also identifies a potential head-and-shoulders pattern in the Bitcoin price chart, suggesting a potential rise to $75,000 if the pattern holds.
The analyst also highlights $61,500 as a critical support level to monitor, as a drop below this point could trigger panic selling. Nonetheless, Titan of Crypto maintains a conservative price prediction of $108,000, while acknowledging the possibility of BTC exceeding this projection.
Conclusion
Despite the recent market volatility, Pantera Capital and Titan of Crypto remain optimistic about the long-term trajectory of Bitcoin. The former's Halving model predicts a price target of $117,000 by 2025, while the latter forecasts a range of $75,000 to $110,000, citing technical indicators and supply-demand dynamics. These predictions underscore the continued faith in Bitcoin's potential as an investment asset.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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