The CEO of Pantera Capital, Dan Morehead while speaking at a podcast said that the firm is still sticking to its earlier predictions of where the price of Bitcoin (BTC) is headed for the year 2019 and 2021.
Previously, the firm made a price prediction of Bitcoin hitting $42000 in 2019 and $356,000 in 2021.
The Market Still Respect the Trendlines
In the 2018 bear market, when BTC price was at $3100, Pantera said if the price of bitcoin could go back to its historical trend line, the price is expected to bounce back up. And if the market kept up that performance in future years bitcoin will reach their predicted price points.
According to Morehead “This put Bitcoin at $42,000 at the end of 2019, which I know sounds crazy, but essentially we’re halfway back there,”
“It’s right on the trend line, and I think it’s a good shot that by the end of the year, we hit that, and then if you just extrapolate that line out for another year, it’s $122,000 per Bitcoin and in one more year $356,000[.]” Morehead said.
A Massive 30 Percent Drop in Price
Presently, Bitcoin is now 30% below its recent highs of $13,800. This price level is a major cause for concern, considering that several analysts already made a less optimistic, prediction which put the price of BTC at $21,000 by the end of the year.
Defending the big number predictions, Morehead, said:
“($42,000, $122,000 and $356,000) sound crazy, but (in) our first research piece that we wrote on Bitcoin, we predicted it would go to $5000, and when it was at 100 bucks, everyone thought that was totally nuts, but these numbers, in 2 or 3 years, people look back and go, oh yeah, that makes sense,”
Interestingly, Dan Morehead is not alone in this outlandish bullish prediction of Bitcoin price. Notably, investor Tim Draper’s made a prediction of $250,000 by 2023. Just like Morehead, Draper still supports his predictions.
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