The CEO of digital assets-focused investment firm Pantera Capital is predicting that the crypto market’s bull cycle will peak in 2025.
In a new interview on the Bankless podcast, Dan Morehead says that Bitcoin’s (BTC) price patterns continue to be based on the four-year halving cycle.
A Bitcoin halving event is when miners’ block rewards are cut in half and, as a result, the supply is crunched. In the past, Bitcoin’s price has rallied before and after the halving events. The last halving event was in April.
Using historic precedence, Morehead predicts that Bitcoin will hit a cycle peak in about seven months.
“August of 2025 would be the peak. And man, everything’s kind of setting up for that. We’ve had this conversation every four years for 12 [years], so I know it sounds ridiculous to say, but at least we always forecast it moderating that the previous halving cycles were way bigger in amplitude. This one is smaller, but I still think it’s pretty real. That’s just the halving thing, but everything in the political and macro thing is setting up for it to be great for crypto too. So it’s hard not to be pretty bullish on 2025.”
Morehead says the price target for Bitcoin’s cycle peak is $117,000, a more than 18% increase from its current value.
“Our data is that the halving starts about 400 days before the actual halving, the impact, the low in the markets, and then the high is 480 days after it. It has done that each time. Two years ago, when Bitcoin was at $17,000, we forecast that it would hit $28,000 at the halving, and then $117,000 next August at 480 days after the halving.”
Bitcoin is trading for $98,713 at time of writing, up 3.8% in the last 24 hours.
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