The Bitcoin network operates on a programmed reward schedule that cuts the block reward in half approximately every 4 years, an event known as the halving. Pantera notes that in past market cycles, Bitcoin’s price has risen leading into the halving, followed by an even more dramatic rise in the year after.
Specifically, Pantera expects Bitcoin could reach $35,000 before the 2024 halving, and then soar to $148,000 in the subsequent year. This projection is based on Bitcoin’s performance around the previous two halvings in 2012 and 2016.
Some analysts point to recent positive developments like the XRP lawsuit ruling and institutional endorsements as setting the stage for major digital asset growth heading into the next halving. The built-in supply shock of the halving is considered a key driver of Bitcoin’s long-term appreciation.
As the Bitcoin community gears up for only the third halving event in its history, many share Pantera’s optimistic outlook. With market forces aligning and the halving’s deflationary impact on the way, hopes are high this cycle could replicate the signature parabolic rallies of past bull runs. Only time will tell whether history repeats and Bitcoin reaches 6-figure territory once again.
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