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August 28, 2023

$148,000 Bitcoin Prediction as Whales Scoop Up Cheap ETH

August 28, 2023

Pantera Capital, a pioneering venture capital firm, has thrown another prediction into the ring pricing Bitcoin at $148,000 per coin after the 2024 halving event. 

Meanwhile, a new analytics report from Glassnode revealed a striking disparity in the fortunes of short-term and long-term Bitcoin holders, shedding light on the profound effect of halving events on the cryptocurrency’s price. 

Amid these developments, Ethereum, the second-largest cryptocurrency, has been purchased by numerous crypto whales while prices are cheaper, as the coin is constantly migrating away from crypto exchanges.

  • Panera Capital predicts a $148,000 Bitcoin post halving
  • Long-term Bitcoin investors profit while short-term holders bear the brunt
  • Ethereum whales scoop up cheap ETH while exchange outflows increase

Pantera Capital predicts a $148,000 Bitcoin post halving

In a recent report titled “Cryptocurrency Chronicle” unveiled on August 22, Pantera Capital, a pioneering venture capital firm, has unveiled its anticipation of a substantial surge in the price of Bitcoin, projecting it to reach an astonishing $147,843 per coin after the impending 2024 halving. 

This projection was meticulously derived using the stock-to-flow (S2F) model, a comprehensive valuation approach that evaluates and predicts future pricing dynamics surrounding each halving event.

With the 2024 Bitcoin network halving countdown currently at 242 days, speculation about an impending price escalation has reached fever pitch. 

Expected to occur around April 24, 2024, this halving will slash the network’s block reward in half, diminishing it from the present 6.25 BTC per block to 3.125 BTC per block. 

According to the report, before the event, Pantera Capital envisions BTC’s price to meander around $35,448 per coin before catapulting an impressive 317% into the six-digit territory post-halving.

Bitcoin halving rallies illustrated inside Pantera Capital’s report



Pantera Capital’s analysts said, “The 2020 halving led to a 43% reduction in new bitcoin supply compared to the previous halving. Its impact on the price was 23% as substantial.” 

Building upon this historical precedent, Pantera projected that the forthcoming halving would initiate a journey for Bitcoin, propelling it from $35,000 prior to the event to an astonishing $148,000 afterward.

Pantera’s post-halving prognosis aligns with a chorus of similar predictions, all attributing the halving as a central driver of Bitcoin’s valuation. 

Fundstrat, in a recent investor’s brief, lent its weight to an expected $180,000 BTC price post-halving. 

Likewise, Blockware Solutions, on August 18, 2023, speculated the potential for Bitcoin to reach an astounding $400,000 after the halving.

Reflecting on market trends, Pantera’s CEO Dan Morehead conveyed that markets can endure downtrends and investor apprehensions to a certain extent. He underscored the passage of an entire year since the Terra Luna and SBF setbacks and emphasized his firm belief in the dawn of a crypto rally.

The effect of halving events on Bitcoin’s price
The effect of halving events on Bitcoin’s price



Long-term Bitcoin investors profit while short-term holders bear the brunt

Glassnode, a prominent provider of blockchain analytics, unveiled last week that 88.3% of short-term Bitcoin investors, equating to a substantial stash of 2.26 million BTC, now find themselves entangled in unrealized losses.

According to the report, short-term Bitcoin investors are classified as those who have been holding BTC for less than 155 days.

During the significant 10% drop in Bitcoin price that occurred two weeks ago, approximately 12.8% of the supply, translating to around 2.48 million BTC, was ensnared in unrealized losses.

This set a new lower low on Glassnode’s ‘Bitcoin: Percent Suppy in Profit’ chart.

Bitcoin Percent Supply in Profit
Bitcoin Percent Supply in Profit



In stark contrast, long-term holders showcased a restrained and unresponsive attitude toward the present market fluctuations. 

Glassnode suggested that this demeanor aligns with the anticipated behavioral trend of this group during periods following a bear market.

Nonetheless, the retreat to the $26,000 price range has dealt a blow to Bitcoin’s technical standing. The cryptocurrency has now carved through pivotal indicators, including the 200-day and 200-week simple moving averages. 

It also descended beneath the 50-week moving average.

The 1-year simple moving average remains as support, situated at $23,500.

Substantial derivative deleveraging and an overall market purge are still the main reasons why Bitcoin fell from its previous trading range of $29,000. Fortunately, a deleveraging event is often considered healthy for overall market dynamics.

Price has now been consolidating at the $26,000 level for the past nine days. This zone of support remains a key stabilizing level. 

Bitcoin Technical Pricing Models from Glassnode
Bitcoin Technical Pricing Models from Glassnode



Ethereum whales scoop up cheaper ETH as the coin migrates away from exchanges

In a striking move that underlines confidence in Ethereum’s potential, high net-worth investors, colloquially known as whales, have capitalized on the recent price tumble in the crypto market to amplify their ETH holdings. 

According to insightful data sourced from Lookonchain, a notable quartet of whale entities collectively accumulated a substantial $94 million in ETH within the past week. 

The crypto giants involved in this accumulation frenzy are identified as 0x3CEE, 0x3478, 0x5bA3, and smartestmoney.eth. 

Each whale’s unique address contributed to the surge in Ethereum holdings: 0x3CEE amassed 18,000 ETH equivalent to $30 million, 0x3478 secured 2,000 ETH valued at $3.4 million, 0x5bA3 captured 17,900 ETH amounting to $30 million, and smartestmoney.eth garnered an impressive 18,200 ETH, valued at $30.6 million.

Whales, renowned for their ability to influence market dynamics, possess substantial crypto assets and play a pivotal role in shaping price trajectories. The actions of these influential investors are closely monitored by crypto enthusiasts and industry insiders alike, as their buying and selling decisions can have profound ripple effects on the market at large.

This recent wave of whale acquisitions comes as Ethereum navigated a price decline that led it to its lowest point since June. 

In a parallel narrative, Ethereum continues to undergo a migration trend that stands to fundamentally alter its ecosystem. 

As the second-largest cryptocurrency, boasting a market capitalization exceeding $197 billion, Ethereum is witnessing a significant shift of its total assets away from exchanges. 

Over the past five months, the aggregate ETH held on exchanges has dwindled from a staggering 29 million to a more modest 22 million.

This shift away from exchanges carries positive implications on multiple fronts. A decreased presence of ETH on exchanges inherently lessens the likelihood of large-scale sell-offs, fortifying the market against abrupt price crashes. 

Additionally, Ethereum’s expanding user base is actively engaging in staking, with an existing stake of 24 million ETH dwarfing the 22 million ETH retained on exchanges. 

This growing engagement reflects a broader trend of users gravitating towards exploring Ethereum’s expansive ecosystem, which encompasses Layer 2 solutions, lending protocols, and more.

The concurrent rise in staked ETH and the departure of Ethereum from exchanges translate into a tighter supply in circulation, whcih could generate heightened buying pressure. 

ETH exchange flows: outgoing vs. incoming
ETH exchange flows: outgoing vs. incoming



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