Dan Morehead, the CEO of Pantera Capital, a firm focused on digital assets, has predicted that the cryptocurrency market will experience its next major bull cycle peak in 2025.
During an interview on the Bankless podcast, Morehead explained that Bitcoin’s price movements have consistently followed a four-year halving cycle. When a Bitcoin halving occurs, miners’ rewards are reduced by half, resulting in a decrease in supply. Historically, Bitcoin’s price has seen significant rallies around these events, with the most recent halving taking place in April 2024.
Drawing from historical trends, Morehead forecasts that Bitcoin will reach its cycle peak by August 2025. Despite the more moderate market conditions compared to previous cycles, Morehead believes that the upcoming rally still holds promise.
“The setup for 2025 looks very positive, not just because of the halving but also due to broader political and macroeconomic factors that align well for crypto,” Morehead stated.
Morehead’s price target for Bitcoin at its peak is $117,000, representing an 18% increase from its current price. He also noted that historical data indicates the impact of a halving begins around 400 days prior, with the peak occurring approximately 480 days later.
Back in 2022, when Bitcoin was trading at $17,000, Pantera Capital accurately predicted that it would reach $28,000 by the halving. Morehead is now confident in his forecast of $117,000 by August 2025.