A bold forecast on the price of Bitcoin has been made by blockchain investment company Pantera Capital. The subsequent Bitcoin halving is anticipated to take place on April 20, 2024, according to Pantera. Bitcoin may increase to $35,000 before the halving and then skyrocket to $148,000 if history is any indication. This forecast is made against a rosy background of the XRP ruling and support from industry titans like BlackRock.
Bitcoin’s price performance: Year in review
Significant volatility has existed in the Bitcoin market during the past year. The cryptocurrency’s price varied between $16,344 and $30,468 in accordance with statistics. The most current Bitcoin price, as of August 7, 2023, was about $29,044. Both highs and lows have been seen by the asset, with a noteworthy decline in November 2022 when it fell to $16,344. It did, however, bounce back, reaching $30,466 in April 2023.
Halving effect
The roughly every-four-year halving of bitcoin has traditionally been a positive development for the digital currency. The rate at which new Bitcoins are generated and circulated is essentially reduced by half the reward for mining new blocks. Price increases are frequently caused by this shortage effect.
The cryptocurrency market has also been helped by the recent decision in favour of XRP, which was declared to be a nonsecurity. A fresh bull market in digital assets is further supported by endorsements from institutional investors like BlackRock.
Pantera’s prognosis is upbeat, but it is still important to proceed with prudence. The cryptocurrency market is extremely volatile and is impacted by a wide range of variables, such as macroeconomic conditions and regulatory changes. Furthermore, previous achievement does not guarantee future outcomes.
