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Pantera Capital Founder and CEO Dan Morehead has predicted there is more than a 50-50 chance Bitcoin goes up “and goes up big”, with a predicted peak of over $500,000 in August 2021.
The San Francisco-based blockchain and cryptocurrency hedge fund founder made the comments in a April 30 letter to investors examining the performance of Bitcoin (BTC) prior to the May 12 rewards halving in comparison to gold, oil, and venture capital.
Initially hesitating to make any kind of prediction, saying he was “of two minds” as to how the halving would affect the price of the cryptocurrency, the CEO acknowledged “if the new supply of bitcoin is cut in half, all else being equal, the price should rise”:
“Bitcoin has historically bottomed 459 days prior to the halving, climbed leading into it, and then exploded to the upside afterwards. The post-halving rallies have averaged 446 days – from the halving to the peak of that bull cycle. In this cycle, the market did in fact trough 514 days before the halving.”
However, Morehead then dropped a bombshell prediction:
“IF history were to repeat itself, bitcoin would peak in August 2021 – at $533,431. Obviously that’s a big IF. That price sounds ludicrous.... Just sayin’ that there’s more than a 50-50 chance bitcoin goes up – and goes up big.”
The San Francisco-based blockchain and cryptocurrency hedge fund founder made the comments in a April 30 letter to investors examining the performance of Bitcoin (BTC) prior to the May 12 rewards halving in comparison to gold, oil, and venture capital.
Initially hesitating to make any kind of prediction, saying he was “of two minds” as to how the halving would affect the price of the cryptocurrency, the CEO acknowledged “if the new supply of bitcoin is cut in half, all else being equal, the price should rise”:
“Bitcoin has historically bottomed 459 days prior to the halving, climbed leading into it, and then exploded to the upside afterwards. The post-halving rallies have averaged 446 days – from the halving to the peak of that bull cycle. In this cycle, the market did in fact trough 514 days before the halving.”
However, Morehead then dropped a bombshell prediction:
“IF history were to repeat itself, bitcoin would peak in August 2021 – at $533,431. Obviously that’s a big IF. That price sounds ludicrous.... Just sayin’ that there’s more than a 50-50 chance bitcoin goes up – and goes up big.”
https://cointelegraph.com/news/pantera-capital-ceo-bitcoin-could-peak-over-500k-in-august-2021
This sounds a bit stratospheric, but the badger is capable of many things, In no case sell all your BTC.
Hi, $9,000
