Bitcoin
Insight into momentum and factors
The price of Bitcoin has experienced increased volatility over the past week. After recovering from a low of $56,500, the market’s biggest cryptocurrency rose to $65,500 in four days. However, it has since retraced some of its gains and is currently testing the $61,000 support level.
Despite this volatility and the absence of strong bullish momentumVenture capital firm Pantera Capital remains optimistic about the future of the BTC price, citing the recent halving event as a significant factor.
Pantera Capital Projects Price Target of $117,000 by 2025
In a recent letter to investorPantera Capital has revealed its Bitcoin halving bull model, which predicts a drop in the price of BTC followed by a rise during the rally of the halving.
Based on the average duration of previous rallies, the company predicts that the price of BTC will peak at $117,000 in August 2025. The total average duration of this cycle, spanning pre- and post-halving rallies, has historically been around 2.6 years, with symmetry observed between cycles.
Pantera Capital highlights the relationship between halving events and the price of BTC. The company states that if the demand for new Bitcoins to remain constant while the supply of new Bitcoins is halved, this will create upward pressure on the price.
Anticipation of a price increase has also historically driven increased demand for Bitcoin, leading to halving events. However, Pantera Capital recognizes that the impact of each Reduce by half The price may decline as the reduction in the supply of new Bitcoins from previous Halvings becomes less significant.
Furthermore, the firm notes that, on average, the value of the Pantera Bitcoin Fund has nearly doubled in eleven years. Based on this historical performance, Pantera Capital predicts a scenario in which the price of Bitcoin reaches US$117,000 by 2025.
Optimistic Bitcoin Price Predictions
Renowned crypto analyst Titan of Crypto recently took to social media platform X (formerly Twitter) to share bullish predictions for the price of Bitcoin. With predictions ranging from $75,000 to $110,000, Titan of Crypto highlights several factors and patterns that could potentially boost BTC Growth.
According to for Titan of Crypto, a price increase to $110,000 for Bitcoin is “programmed”. While the analyst did not go into detail about the specifics of this schedule, it suggests a strong conviction in BTC’s potential to reach this level.
Crypto Titan too identifies a current head and shoulders pattern on the Bitcoin price chart. If this pattern continues, the analyst suggests that BTC could rise to the $75,000 mark. If confirmed, this pattern could signify a reversal of the uptrend and further support the projection of Bitcoin reaching higher price levels.
The analyst also highlighted $61,500 as a critical point to monitor due to the possibility of “panic selling”. The analyst suggests that many market participants may react to this level, potentially increasing selling pressure.
Lastly, based on his analysis, the analyst suggests a conservative price prediction of $108,000. However, Titan of Crypto believes that the price of BTC could surpass this projection, indicating a more optimistic outlook.
Featured image from Shutterstock, chart from TradingView.com