American hedge fund Pantera Capital is bullish on Bitcoin (BTC), predicting that the leading token’s price may reach six figures in the near future. According to the “Blockchain Letter” issued by the crypto fund, which boasts of $3.5 billion worth of Assets Under Management (AUM), to investors, Bitcoin could reach as high as $147,843 per coin following the 2024 halving event.This forecast was arrived at after using the Stock-to-Flow (S2F) ratio as a price model to evaluate and predict future pricing trends across each halving event. Utilizing this theory, BTC valuation was considered against its scarcity and then further contrasted its circulating supply with its annual production flow.Based on the report, Bitcoin may rally by about 32% from its current price before the next halving. Thereafter, the coin will surge by 450% reaching $148,000, the peak of the next bullish cycle. At the time of this writing, Bitcoin was trading at a price of $26,025.84 per data from Marketcap.The Bitcoin halving event is a model crafted to control the supply of the token and impact its value. This event happens every four years and the next iteration is scheduled to happen around April 20th, 2024 during which the block reward for the network will be slashed, resulting in a decrease in the supply of new coins entering the market. The current block price which is 6.25 BTC per block will be slashed to 3.125 BTC following the halving. As a result, approximately 450 BTC will be minted each day.Apart from the halving event, other positive happenings like Judge Analisa Torres’s recent ruling that XRP is not security in the lawsuit between Ripple and the United States Securities and Exchange Commission (SEC), and the potential approval for spot Bitcoin Exchange Traded Fund (ETF) amongst other, are expected to influence the price of BTC positively.Standard Chartered Bank has also speculated that BTC could touch $50,000 by year-end and could further rally all the way to $120,000 by the end of 2024.American hedge fund Pantera Capital is bullish on Bitcoin (BTC), predicting that the leading token’s price may reach six figures in the near future. According to the “Blockchain Letter” issued by the crypto fund, which boasts of $3.5 billion worth of Assets Under Management (AUM), Bitcoin could reach as high as $147,843 per coin following the 2024 halving event. This forecast was arrived at after using the Stock-to-Flow (S2F) ratio as a price model to evaluate and predict future pricing trends across each halving event.The Bitcoin halving event is a model crafted to control the supply of the token and impact its value. This event happens every four years and the next iteration is scheduled to happen around April 20th, 2024 during which the block reward for the network will be slashed, resulting in a decrease in the supply of new coins entering the market. Based on the report, Bitcoin may rally by about 32% from its current price before the next halving. Thereafter, the coin will surge by 450% reaching $148,000, the peak of the next bullish cycle.Apart from the halving event, other positive happenings like Judge Analisa Torres’s recent ruling that XRP is not security in the lawsuit between Ripple and the United States Securities and Exchange Commission (SEC), and the potential approval for spot Bitcoin Exchange Traded Fund (ETF) amongst other, are expected to influence the price of BTC positively. Standard Chartered Bank has also speculated that BTC could touch $50,000 by year-end and could further rally all the way to $120,000 by the end of 2024.
| Information |
Details |
| Geography |
Global |
| Countries |
|
| Sentiment |
positive |
| Relevance Score |
8 |
| People |
Analisa Torres, Standard Chartered Bank, None |
| Companies |
Pantera Capital, Standard Chartered Bank, United States Securities and Exchange Commission (SEC), Exchange Traded Fund (ETF), Financial Authorities (FAC), Financial Industry Regulatory Authority (FINRA). |
| Currencies |
Bitcoin, Ethereum, XRP, USD, BTC |
| Securities |
None |
