Bitcoin is set to hit a whopping $ 115,000 by August 2021, up 200% over the next eight months, Morehead reports. said during a conference call on January 12.
The exec initially made this prediction in August 2020, when Bitcoin was trading at approx $ 11,600. At the time of publication, the cryptocurrency is trading for more than $ 38,000. On Tuesday, Morehead said Bitcoin still has a lot of room for growth:
Is Bitcoin Overvalued? I would say no. […] Bitcoin has spent three years below the long-term compound annual growth trend line, it is still below it, and while Bitcoin has risen a lot in the last six months, I think it is fairly appreciated. “
Morehead believes that major global digital currency developments such as China’s digital yuan will positively impact the crypto market by boosting mainstream adoption. “There are more than a billion people on the planet who don’t have access to a bank, but they do have a smartphone, and that’s all you need to use a cryptocurrency,” Morehead said.
Joey Krug, Pantera’s co-chief information officer, said Bitcoin’s ongoing bull run is different from previous rallies and will not end in the same way as his previous run in 2017. Krug said the latest meeting is much stronger in terms of adoption.
“The high-level basics for 2017 was that there weren’t many fundamentals at all, most of the projects were just an idea on a piece of paper, most of the stuff wasn’t launched, most of the stuff didn’t have live products,” he said. .
Morehead isn’t alone in believing Bitcoin will hit $ 100,000 by 2021. In early January, Binance.US CEO Catherine Coley predicted that Bitcoin could reach $ 100,000 at the end of the year. PlanB, the creator of the stock-to-flow model, also predicted that Bitcoin would be the Range from $ 100,000 to $ 288,000 by December 2021.
On January 8, Bitcoin issued a new historic high of $ 42,000, after a huge rally Breaking $ 20,000 end of 2020. After a correction, Bitcoin is steadily recovering and trading up $ 38,600, up about 12% in the last 24 hours at the time of publication.