Bitcoin could hit $148,000 after halving
Pantera Capital, using stock-to-flow ratio as a tool, predicts a significant shift in Bitcoin (BTC) prices after halving in 2024.
Pantera Capital, one of the leading crypto venture capitals, maintains a bullish outlook and expect BTC to reach $35,000 before halving before another leg up to $148,000 afterwards.
The stock-to-flow ratio gauges a digital asset’s present supply in comparison to its new supply influx. This ratio measures an asset’s scarcity—higher values can hint possible price gains.
At present, Bitcoin is trending at around the $26,500 mark.
Historical patterns show that halving events, which happens roughly every four years, tend to support prices.
Next year, miner rewards will fall from 6.25 to 3.125 BTC, a supply shock that makes the coin scarcer, potentially supporting prices.
Delving into past data, Pantera Capital stated:
“In 20,000, the halving event cut the introduction of new bitcoins by 43% compared to its predecessor, leading to a 23% price impact. With the 2024 halving set for April 20, and given that a majority of Bitcoin have been mined, each subsequent halving will nearly halve the new supply introduction. Following historical patterns, the forthcoming halving could propel Bitcoin to values of $35,000 pre-halving and a whopping $148,000 post-halving.”
Besides halving, the venture capital also noted that recent developments such as the XRP court ruling and BlackRock’s Bitcoin spot exchange-traded fund (ETF) application are bullish tailwinds.
Pantera Capital expressed optimism,adding that “historical downturns can only persist for so long” and that they expect a “preliminary rally leading up to 2024, followed by a more robust surge post-halving.”
Credit: Source link
