Pantera Capital Projects Bitcoin Price Resurgence and Increased DeFi Market Activity
Cryptocurrency management company Pantera Capital has released its yearly projections on Bitcoin (BTC) and the wider industry with expectations of more bullish activity for the market leader.
In a recent market report, the firm highlighted the projected movement of the Bitcoin price valuation. The Pantera Capital Bitcoin price prediction considers past references and future upticks around cryptocurrencies, including innovations in decentralized finance (DeFi), tokenization, and Zero-Knowledge Proofs.
With a momentous onset to the year, we believe there is still a ton to look forward to in 2024.
In this month's letter, we discuss:
– Predictions for 2024
– Crypto correlations within bull cycles
– State of blockchain venture
– The potential of AIxWeb3https://t.co/kq92Qneie3
— Pantera Capital (@PanteraCapital) January 16, 2024
Bitcoin is expected to double down on its blistering run toward the end of 2023 with several factors likely to spur a new price uptick this year.
According to the report, Bitcoin staged a comeback last year. Its market share rose from 38% in January, after a 55% value cut, to about 52% in December.
This year, the upcoming Bitcoin halving, the approval of spot Bitcoin ETFs by the United States Securities and Exchange Commission (SEC), and more programmable features are reasons the asset is expected to pull off a resurgence.
Traditionally, BTC halving is associated with a bullish phase as mining the asset comes with a reduced reward increasing 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 scaling up efficiency and acquiring key assets ahead of the event.
A poll conducted by CryptoRanks.io shows that about 79%
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