Altcoin News: Pantera CEO Predicts Bitcoin up to $42,000 This Year
July 24, 2019, by Marko Vidrih on ALTCOIN MAGAZINE
Dan Morehead, an industry-oriented cryptocurrency CEO and founder of Pantera hedge fund, believes Bitcoin’s price trend is evidence of its ability to reach $42,000 this year and $356,000 two years later.
“Let’s take a graph of Bitcoin prices on a logarithmic scale to eliminate crazy exponential growth, and get a fairly stable line,” he said in a new release of the Unchained podcast. — “There are a few bubbles. Of course, in 2013, when Bitcoin grew 83x. And in 2017, too.”
According to Morehead, the cumulative Bitcoin annual growth rate on historical data is 235%.
“When Bitcoin was trading at $3,000 or $4,000, we projected its course in case of a return to this trend and got a rise to $42,000 by the end of 2019. I know it sounds crazy, but we are halfway back, right on the trend line. I think there are good chances to achieve this goal by the end of the year,” he added.
Continuing the trend line, the CEO of Pantera came to the conclusion that Bitcoin is able to rise to $122,000 in another year and to $356,000 in two.
“These are crazy values, but in our first research note we predicted Bitcoin growth to $5,000 when it was trading at a level of several hundred bucks. Everyone then thought that we were crazy. But after 2–3 years, people will look at these numbers and say: “Oh, this is not without meaning”. ”
According to Morehead, institutional investors are indeed entering the cryptocurrency space, but most of them have not yet had time to show themselves, and this raises his bullish attitude.
“In the early years, Wall Street professionals and representatives of the technology industry invested their own money in our funds. They were rich, but very advanced people. Now we have 850 investment partners — this is just a crazy number. Before, we managed a billion dollars with the participation of maybe 50 different investors, but now this amount is much higher. ”
Morehead also argues that there is currently a change in the profile of investors in favor of increasing the participation of institutional, pension and trust funds, although the process is rather slow.
“Some have already invested, but even more than those who did not. That is why we pin our hopes on the future of this space. If 95% of institutional investors do not have direct access to the blockchain, only 5% or 10% of them will be needed to ensure price increases for the next couple of years,” he concluded.
Author: Marko Vidrih
