Institutional adoption is gaining momentum following the introduction of Bitcoin ETFs in January, and Pantera expects a combination of positive factors, including the upcoming block reward reduction at the end of April 2024. The hedge fund believes this will fuel the next bull market. 🚀

Pantera has defined the current phase as the beginning of a fourth major cycle, predicting a possible strong uptrend in the cryptocurrency for 18-24 months. 📈

In its latest note to investors, Pantera said this is a significant opportunity for Bitcoin, estimating its potential value at half a trillion dollars.

The hedge fund suggested that if decentralized finance (DeFi) on Bitcoin reaches a size comparable to Ethereum, the total value of DeFi applications could reach $225 billion, or 25% of Bitcoin's capitalization.

Even though Bitcoin is almost back to being a trillion-dollar asset, Pantera argues that a significant half-trillion-dollar opportunity remains untapped.