Pantera Capital predicts another bullish rally in the crypto market

2 min readFeb 26, 2024

The cryptocurrency market is at the beginning of another period, ushering in a bull cycle for digital assets over the next one and a half to two years. This is stated in the Pantera Capital report.

“The next halving is projected to occur in April 2024. Investments in Bitcoin by large legal entities are growing after the appearance of spot BTC ETFs in the United States. We believe the combination of these positive factors will provide a strong tailwind for the next bull rally. In addition, legislators are seeking to clarify the regulation of cryptocurrencies,” says company CEO Dan Morehead.

Previously, experts stated that the price of BTC during the halving this spring will reach $35,000, and by August next year the digital asset will peak at $148,000. A new report states that the coin’s current rate is already 60% higher than analysts’ estimates.

DeFi applications based on Ethereum were previously valued at a range of 8% to 50% of the market capitalization of this blockchain. But if a BTC-based instrument reaches a similar scale to that of ETH, the capitalization of sites that are part of the Bitcoin ecosystem could increase to $225 billion.

“Over time, this figure could grow to $450 billion,” Pantera Capital analysts suggested.

They also pointed to an increase in trading volumes on decentralized platforms, which amount to about 3% of the total trading volume on traditional crypto exchanges. Experts noted the effectiveness of the dYdX derivatives platform model.

“We can assume that dYdX’s capitalization will triple and exceed $10 billion over the next year. Investors will benefit not only from the growth in the value of the protocol, but also from the distribution of dividends,” says the Pantera Capital report.

In addition, analysts raised the issue of asset tokenization. They believe this market could grow to $10 trillion by 2030 as financial institutions continue to adopt blockchain en masse.