Pantera Capital predicts that the next Bitcoin halving, which is expected to take place on April 20, 2024, could trigger a bull market for digital assets.
The halving is a process that occurs every four years, when the reward for mining a block of Bitcoin is cut in half. This reduces the supply of Bitcoin in circulation, which can lead to an increase in price.
Pantera Capital is a venture capital firm that has invested heavily in Bitcoin. The firm’s founder, Dan Morehead, said that the next halving could see Bitcoin prices reach $35,000 before the event and $148,000 after.
Based On Historical Fact
Morehead’s prediction is based on the historical performance of Bitcoin. In the past, Bitcoin prices have typically surged after each halving. For example, the price of Bitcoin increased from $1,000 to $20,000 in the two years following the 2016 halving.
The XRP ruling and endorsements by BlackRock and other institutions could also contribute to the next bull market for digital assets. The XRP ruling is a positive development for the cryptocurrency industry as it clarifies the regulatory status of XRP. BlackRock and other institutions are also starting to invest in Bitcoin and other cryptocurrencies, which could signal to other investors that these assets are a legitimate investment.
Overall, the next Bitcoin halving, the XRP ruling, and the growing acceptance of Bitcoin by institutions could all contribute to a bull market for digital assets in 2024.