In an interview on Tuesday, Jessica Walker, co-host of the cryptocurrency market commentary show "Coin Bureau," dissected the bullish Bitcoin price prediction made by crypto-focused investment firm Pantera Capital. Walker highlighted Pantera's reputation in the cryptocurrency space, noting that the firm featured on Fortune's list of top 40 crypto firms for 2023.
Pantera Capital's prediction was published in their blockchain letter dated August 22, 2023. The firm anticipates that Bitcoin could reach $148,000 by mid-2025. This optimistic forecast is influenced by several factors, including the Bitcoin halving event expected to occur in April 2024.
Walker cited a few key factors influencing this bullish outlook. A landmark ruling in favor of Ripple Labs in July was a positive development for the crypto market. Furthermore, BlackRock’s spot BTC filing and the subsequent institutional interest in Bitcoin ETFs have contributed to a bullish sentiment.
The Bitcoin halving event is also a significant factor in Pantera’s prediction. This event reduces the mining reward by 50%, contributing to Bitcoin’s scarcity and inflation-resistant characteristics. Pantera’s analysts studied the stock-to-flow price projection across each halving event to arrive at their prediction.
In an interview with Scott Melker, Caitlin Long agreed with Pantera's model, which predicts Bitcoin hitting $147,843 around 480 days after the next expected halving event on April 16th, 2024. Long underscored that the upcoming halving could have an even bigger impact than previous ones due to the growth of Bitcoin's hash rate.
Walker also reviewed Pantera’s track record with past predictions. 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.
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