You can check the website statistics yourself or request them from us at [email protected]
On this platform, only organic high-quality traffic
Bitcoin
$ 30,725

Pantera Capital Projects Bitcoin Price Resurgence and Increased DeFi Market Activity

Pantera Capital, a cryptocurrency management company, has published its annual forecasts regarding Bitcoin (BTC) and the broader cryptocurrency sector, anticipating a more optimistic outlook for the leading cryptocurrency.

In their latest market report, the company emphasized their projected trajectory for Bitcoin’s price valuation. The Pantera Capital Bitcoin price forecast takes into account historical trends and upcoming increases in the cryptocurrency space, including advancements in decentralized finance (DeFi), tokenization, and Zero-Knowledge Proofs.

Pantera Capital Bets on Bullish Bitcoin Price Prediction

Bitcoin is poised to continue its impressive rally towards the end of 2023, driven by various factors that are likely to trigger a new surge in its price.

As reported, Bitcoin made a remarkable comeback last year, with its market share rebounding from 38% in January, following a 55% value decline, to approximately 52% by December.

This year, several catalysts are expected to fuel Bitcoin’s resurgence. First, the upcoming Bitcoin halving event is anticipated to play a significant role. Historically, BTC halvings have been associated with bullish phases, as they reduce mining rewards, thereby increasing the scarcity and demand for the cryptocurrency. The April halving will reduce mining rewards to 3.125 BTC from the current 6.25 BTC. Consequently, miners are actively enhancing their efficiency and acquiring essential assets in preparation for this event.

A poll conducted by CryptoRanks.io reveals that approximately 79% of digital asset users are optimistic about the forthcoming halving, anticipating a price uptick.

Furthermore, the Bitcoin price has already surged by 401% since the last halving in 2020. Some users also attribute the 2021 bull run, which saw Bitcoin reach an all-time high exceeding $63,000, to the halving effect, although this wasn’t the sole driving factor behind the price surge.

Institutional appetite to fuel drive

The fourth quarter of 2023 was marked by a surge in optimism surrounding the approval of spot Bitcoin ETFs, which drove the price of Bitcoin above $44,000 before experiencing a market correction.

Numerous analysts have predicted a price increase due to the potential ETF approval, as it would open up a new avenue for institutional investors to enter the market. Furthermore, this approval is expected to trigger additional regulatory measures for Bitcoin.

However, since the approval, the price of Bitcoin has dipped, currently trading at $41,005. Nevertheless, many still believe that institutional interest will lead to increased exposure and adoption.

According to the Pantera Capital report, the Bitcoin ecosystem is poised to witness the implementation of layer 2 networks to enhance scalability and introduce smart contracts with a wider range of use cases.

The report states, “The Bitcoin ecosystem should converge on one or two Turing-complete smart contract languages, with top contenders including Rust, Solidity, or the extension of a Bitcoin-native language such as Clarity. This language will become the ‘standard’ for Bitcoin development, similar to how Solidity is considered the ‘standard’ for Ethereum development.”

Additionally, it is anticipated that BTC Ordinals may see a rise in their numbers, coinciding with a projected “DeFi Summer 2.0” on Bitcoin, which will lead to an increase in assets and Total Value Locked (TVL).

Related Posts

Leave a Reply

Confirm now and stay with our news

What we write about

I want to save money. Will cryptocurrency work?

Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

Every cryptocurrency has two main components: the units of digital exchange called “coins” and the network within which the exchange takes place. These units can be transferred between wallets and exchanged on exchanges. The networks in which these coins exist are called blockchains, which translates to “chains of blocks.”

Latest Articles

S&P Global Ratings joins Singapore MAS’s Project Guardian
28.06.2024By
Boden Memecoin Crashes After US President Biden’s Poor Debate Performance
28.06.2024By
Steno Research Expects $15-20B Inflows into Ether Spot ETFs, Predicts $6,500 Price Target
28.06.2024By

Latest news

S&P Global Ratings joins Singapore MAS’s Project Guardian
28.06.2024
Boden Memecoin Crashes After US President Biden’s Poor Debate Performance
28.06.2024
Steno Research Expects $15-20B Inflows into Ether Spot ETFs, Predicts $6,500 Price Target
28.06.2024
Bitcoin Mining Firm CleanSpark Acquires GRIID in $155M Stock Deal
28.06.2024
Elastos Partners With BEVM to Launch Bitcoin P2P Loans, Targeting $1.3T in Dormant Value
28.06.2024
Coinbase Files Lawsuits Against SEC, FDIC Over FOIA Request
27.06.2024
UK Watchdog Boosts Crypto Division to 100 Staff Members
27.06.2024
Hong Kong Government Explores DeFi and Metaverse to Boost Fintech Dominance
27.06.2024
Spot Ether ETFs May Receive US Approval by July 4: Report
27.06.2024
Bitcoin ETFs See Inflows for Second Consecutive Day as BTC Holds Steady at $60K
27.06.2024