Bitcoin (BTC) has not been in the best shape for several weeks. The asset is so unstable that some experts see it suffering quite a decline below the $15,000 mark. However, Pantera Capital believes that bitcoin is only good for explosive valuation. Here is his point of view.
In short
- Despite recent instability, Pantera Capital predicts that bitcoin will reach $148,000 after the next halving.
- This prediction is based on factors such as Ripple’s favorable lawsuit and BlackRock’s demand for Bitcoin ETFs.
- Bitcoin BSC, a token based on the Binance Smart Chain, is performing remarkably well and has reached $100,000 in two days.
Bitcoin (BTC) will benefit from the halving to reach $148,000
The price of bitcoin (BTC) is in trouble compared to what it has shown since the start of the year. Despite a slight surge last week, the asset is valued at around $25,800. This, despite a substantial increase of 1.08% in 24 hours. While the trends of the flagship crypto evaluated one week are rather negative, the asset having fallen by 2.05% over the period.
It is obvious that the context is particularly delicate for bitcoin in terms of valuation. But this does not bode particularly alarming for investors, as the asset is expected to remain buoyant. At least that’s what suggests a recent analysis from crypto asset manager Pantera Capital.
The company believes that BTC should regain color to the point of achieving a breakthrough by the next halving. This event, highly anticipated by the crypto community, will in any case have a positive impact on the price of bitcoin. The latter could in these circumstances rise to $148,000.
Pantera Capital’s projections are firstly based on the historical trend regarding halving. Every time this technical event takes place, the valuation of bitcoin has exploded. Logical trend, since miner rewards are reduced by 50%. This creates a certain scarcity which increases the attractiveness of bitcoin.
Then, Pantera Capital bases its outlook on two other major elements. The first is the favorable outcome of Ripple’s lawsuit against the SEC which has positively impacted investor sentiment. The second is obviously the introduction by BlackRock of a request for a Bitcoin ETF.
The news around this topic is generally positive. This, since justice inflicted a historic setback on the SEC. The law recognized that the regulator had no right to deny a similar request made by Grayscale. Forcing the SEC to revise its position.
Rush on bitcoin BSC, a BTC clone cryptocurrency
While the outlook around bitcoin is generally positive, derivative platforms are in turmoil. This is what bitcoin BSC seems to be currently undergoing. It is a representation of BTC in the form of a token that complies with the BEP-20 standard of the Binance Smart Chain blockchain.
Bitcoin BSC is neither closely nor remotely related to bitcoin. Unlike the latter, any user can hold it. This, by taking advantage of the advantages offered by the Binance Smart Chain, Binance’s blockchain. It must be said that crypto users do not have to be asked to try to hold them. Pantera Capital reports that in just two days, Bitcoin BSC reached a remarkable milestone, hitting $100,000. While the crypto pre-sale is not closed yet.
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