The crypto community is almost always filled with bullish predictions for Bitcoin, and a new one has come in from Pantera Capital founder and CEO Dan Morehead. According to Morehead, Bitcoin could spike higher than $500,000 by August 2021.
In a letter to investors, Morehead says he’s circumspect about making any prediction for Bitcoin. Regardless, he goes on to explain Bitcoin’s trajectory, from previous halvings. According to him, Bitcoin usually bottoms 459 days to a halving. In the days leading up to the halving, it begins to rise. After the event, it explodes. Morehead adds that post-halving rallies usually last 446 days from the day of the halving to the day of Bitcoin’s highest price, in the ensuing bull cycle. He then uses this information to make a Bitcoin 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.”
Bullish on Bitcoin, he also pointed out in an April 29 tweet that Bitcoin has outperformed gold. In the image attached to the tweet, Bitcoin has pulled in 16% 2020 returns with gold at 13%. The S&P 500 came in at 10%.
Morehead had said earlier that Bitcoin would very likely outperform other assets.
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