Dan Morehead, CEO of Pantera Capital, anticipates the zenith of the crypto bull cycle to emerge in 2025. Speaking on the Bankless podcast, he suggests that Bitcoin’s trajectory remains tied to its established four-year halving cycle.
Bitcoin halvings represent a reduction by half of miners’ block rewards, effectively constraining the asset's supply. Historically, these events have preceded substantial price rallies.
The latest halving occurred in April. Based on precedent, Morehead forecasts Bitcoin achieving a cycle high approximately seven months from now, around August 2025. He emphasizes both past cycle patterns and current political-economic conditions bolster this optimistic outlook. Despite acknowledging the forecasting challenges, Morehead maintains a bullish stance on 2025.
Morehead projects Bitcoin’s peak price at $117,000, reflecting an 18% rise from present levels. He explains the cyclical nature of Bitcoin, asserting that historically, market impacts commence almost 400 days before each halving and culminate 480 days after.
He recalls an earlier forecast made when Bitcoin was valued at $17,000, predicting $28,000 by the halving and $117,000 by the following August, driven by this timing cycle. Presently, Bitcoin trades at $98,713, having risen 3.8% in the past 24 hours.