Pantera Capital analyses the positive impact of the XRP ruling and the Bitcoin halving on the crypto space.
The company asserts that the recent positive events can catalyse a new bull market.
According to the report, Bitcoin can reach the height of $148k after the next Bitcoin halving.
Pantera Capital, an American hedge fund that specializes in crypto, recently released an article, shedding insights on the market impact of the recent XRP ruling and the upcoming Bitcoin halving. The analysis asserted that the “recent positive events” could provide a “strong setup” for a bullish trend in the virtual asset space.
The platform provided in-depth research on the SEC-Ripple case and Judge Analisa Torres’ ruling that secured Ripple’s partial victory. In a groundbreaking event in the prolonged legal saga, Judge Torres ruled that secondary sales of Ripple’s XRP did not constitute securities sales. Her ruling concluded that while the institutional sales of XRP are to be considered as the sale of unregistered securities, while the other sales including the programmatic sales “did not constitute sales of securities”.
Prominent crypto reporter Colin Wu posted a thread on X, discussing the bullish impact of the XRP ruling and the upcoming bitcoin halving on the crypto market. Reflecting on Pantera Capital’s analysis, he pointed out that the next halving scheduled for April 2024 could witness Bitcoin’s price reaching $148k.
Pantera: The next halving is expected to occur on April 20, 2024. If history were to repeat itself, the next halving would see bitcoin rising to $35k before the halving and $148k after. The XRP ruling and endorsements by BlackRock et al. – in addition to the Bitcoin Halving…
— Wu Blockchain (@WuBlockchain) August 24, 2023
Bitcoin halving is an event that happens every four years, reducing the mining rewards for miners by half. The first halving occurred in 2012 when the block rewards stood at 25 BTC, while it was reduced by half to 12.5 BTC during the second halving in 2016. The third halving occurred in 2020 with a reduction of mining rewards to 6.25 BTC.
The cryptocurrency has a total supply of 21 million coins, and the halving event will continue until all the bitcoins are mined. An analysis of past halving events, which have historically preceded bull runs, strengthens Wu’sn estimation. Wu stated, “If history were to repeat itself, the next halving would see Bitcoin rising to $35k before the halving and $148k after”.
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