Bitcoin is on track to hit $115,212 by Aug. 1, according to Pantera Capital’s Dan Morehead.
Although the crypto specialist has stressed that he wouldn’t bet his life savings on this milestone being reached, he argued that BTC is following the exact post-halving path that Pantera predicted would happen last April.
Based on the company’s trajectory, here’s how prices are forecast to grow in the next eight months:
- February 15: $45,268
- March 15: $52,943
- April 15: $62,968
- May 15: $74,474
- June 15: $88,576
- July 15: $104,761
- August 15: $115,212
As you can see, these are some seriously ambitious targets. From March onwards, BTC will need to appreciate by a staggering $10,000 a month — or more — to remain on schedule. This would also involve prices almost trebling, and entering six figures, in under six months. Morehead added:
“I realize that price may sound ludicrous. But, $5,000 sounded equally ludicrous as our first written price forecast when we launched Pantera Bitcoin Fund at $65/BTC.”
He also pointed to four key factors that will help drive price growth in 2021: unprecedented levels of money printing among central banks, low interest rates, continued interest among institutions, and growth in the DeFi sector.
Writing to investors in Pantera’s January newsletter, Morehead conceded that the 2017 bull run was a bubble that was mainly driven by initial coin offerings — but he stressed that this time is different, writing:
“There has been a massive shift from highly speculative, mainly non-functioning tokens having roughly half of the total market cap in 2017 — to today when the market cap is mainly in the two proven, functioning chains: Bitcoin and Ethereum. Those two chains have 86% of the value. The other 5,000 chains have 14%.”
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