Bitcoin Will Reach Over $500k in August 2021 – Pantera Captial CEO
As per the letter to Investors, Initial to the May 12 rewards halving, CEO Dan Morehead analyzed the YTD execution of Bitcoin.
August 2021 will result, Pantera Capital Founder and CEO Dan Morehead to foreseen that it exists an additional 50-50 possibility Bitcoin ascends “and goes up big”, with a determining cliff of $500,000.
Letter to investors analyzing the execution of Bitcoin (BTC) initial to the May 12 rewards halving in accordance with gold, oil, and venture capital, the San Francisco-based blockchain and cryptocurrency fluctuate fund creator on April 30 set out the comments.
Pausing over amplifying any forecast, indicating that he was “of two minds” that of to how the halving could impact on the price of the cryptocurrency, the CEO contended “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 afterward. 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.”
Bitcoin surpasses gold and oil
In comparison to legacy assets, pointed out BTCs performance, by then on March 25 he put down a letter to investors, reporting that the cryptocurrency beat the gold.
As per the report by Pantera CEO the asset markups forfeiting its luster — “it’s certainly past its Sell By date” — but “gold’s been around for 5,000 years, so it’s not going away overnight.”
The CEO strike over oil markets by a moderately on-point jab at the asset: “At least you don’t have to pay people to take your Bitcoin.” The proclamation answered, that oil taking off unfavorable for the first term in the record, in order to take kegs off their arrows the industry had to pay other.
“…oil has been a terrible asset class. Oil’s 35-year compound annual growth rate (CAGR) is zero point zero… It’s never even hit 6% in the very best of times. Bitcoin has a 9-year CAGR of 215% with essentially zero long-term correlation to the rest of the world.”
Also Read: Bitcoin Halving Searches Increase 400% Compared To 2016
