According to CryptoPotato: Pantera Capital's recent projection suggests that Bitcoin may not see significant gains until the next halving event, expected to occur on April 20, 2024. The company predicts that Bitcoin could surge to $35k before the halving and $148k after, based on historical patterns.

Pantera Capital believes that Bitcoin's price performance is heavily influenced by its halving cycles. In their "Blockchain Letter" published on August 22nd, the crypto-focused hedge fund maintained its optimistic predictions for Bitcoin's price in 2024, following the halving when the block reward drops from 6.25 to 3.125 BTC.

The firm noted that the first halving reduced the supply of new BTC by 17% of the total outstanding bitcoins, significantly impacting the new supply and price. The second halving in 2016 cut the supply of new bitcoins by only one-third as much as the first, with a corresponding one-third reduction in price impact. The 2020 halving reduced the supply of new bitcoins by 43% relative to the previous halving, having a 23% impact on the price.

With most bitcoins now in circulation, each subsequent halving will result in almost exactly half as big a reduction in new supply. If history repeats itself, the next halving could see Bitcoin rising to $35k before the event and $148k after.

Pantera also mentioned that Bitcoin has historically bottomed 477 days before the halving, experiencing a rise in the run-up to the event and surging dramatically afterward. Post-halving rallies have averaged 480 days from the event to the peak of the next bull cycle. Based on this pattern, Bitcoin is anticipated to reach its next all-time high around July 2025.