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 four-year halving cycle, where miner rewards are halved, leading to a reduction in supply. Historically, the price of Bitcoin has significantly increased before and after these events. The last halving occurred in April 2024, and Morehead predicts, based on historical trends, that Bitcoin will reach its cycle peak in August 2025. He emphasized that, despite the relatively mild current market conditions, an upcoming upward trend is still to be anticipated. Morehead stated, "The outlook for 2025 is very optimistic, not only because of the halving event but also due to the alignment of political and macroeconomic factors with the development of cryptocurrencies." He predicts that the price of Bitcoin at its peak will be $117,000, which is 18% higher than the current price. He further pointed out that historical data shows the effects of halving events typically start to emerge about 400 days prior, with the peak occurring approximately 480 days later. Reflecting on 2022, when Bitcoin was trading at $17,000, Pantera Capital accurately predicted that it would reach $28,000 before the halving event. Now, Morehead is confident in his prediction of Bitcoin reaching $117,000 in August 2025.

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