Dan Morehead, the CEO of Pantera Capital, a firm focused on digital assets, has predicted that the next major bull cycle in the cryptocurrency market will reach its 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. A Bitcoin halving is an event where miners’ rewards are reduced by half, resulting in a decrease in supply. Historically, Bitcoin’s price has experienced significant rallies around these halvings, with the most recent one occurring in April 2024.
Based on historical trends, Morehead forecasts that Bitcoin will reach its peak by August 2025. He noted that despite the market conditions being more moderate compared to previous cycles, 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 said.
Morehead’s price target for Bitcoin at its peak is $117,000, which represents an 18% increase from its current price. He also mentioned that historical data shows the impact of a halving begins around 400 days before the event, with the peak occurring approximately 480 days later.
In 2022, when Bitcoin was trading at $17,000, Pantera Capital correctly predicted that it would reach $28,000 by the halving. Morehead is now confident in his forecast of $117,000 by August 2025.