Pantera Capital CEO Dan Morehead predicts that the next bull market cycle for cryptocurrencies will peak in 2025. In the Bankless podcast, he elaborated on the basis for this prediction: Bitcoin follows a halving cycle every four years, and the halving of miner rewards leads to a decrease in supply. Historically, the price of Bitcoin has surged significantly before and after these events. The last halving occurred in April 2024, and Morehead predicts that Bitcoin will reach its cycle peak in August 2025 based on historical trends.