Bitcoin hit $42,000 shortly before backtracking to $41,000 in a sharp correction. This feat happened for the first time in history at 15:10 UTC.
Dan Morehead of Pantera Capital commented on the potential future rise of the bitcoin price in an interview. He pointed to a potential price move to $356,000 within three years based on past trends of Bitcoin’s price movements on a logarithmic scale. Morehead’s maths also hinted that the price of Bitcoin could rise to $42,000 by the end of 2019.
For Morehead, the psychology behind bigger numbers for the Bitcoin price has proved itself.
“…($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 $5,000, 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,”
Investors such as Tim Draper, with their Bitcoin predictions rising to $250,000, seem to justify Morehead. It proved Morehead was not alone in his bullish outlook. Billionaire Chamath Palihapitiya has also forecasted that Bitcoin will hit $200,000
Shortly after attaining the $42,000 milestone, Bitcoin’s price dropped by 2.4% amid selling pressure. The decline puts Bitcoin at $41,194.34 at press time.
Image Credits: Pixabay
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