By
Bena Ilyas
May 13th, 2024
As Bitcoin (BTC) consolidates around $56K levels, the Pantera CEO continues his bullish stand for the world’s largest crypto expecting the price to surge $10K every month and hit $115K levels by August this year.
After hitting its all-time high of $61,600 last Saturday, Bitcoin (BTC) price has corrected more than 10%. At press time, BTC is consolidating around $56,000 levels with a market cap of $1.043 trillion. Bitcoin evangelists continue to make future price predictions for ahead this year. In the recently emailed newsletter, Pantera Capital CEO Dan Morehead wrote that BTC price can hit $115K levels by August 2021.
Morehead noted:
“Bitcoin is now ahead of our April 2020 forecast schedule – to hit $115K this summer”.
Also, the predictions by Pantera Capital depend on the data of the Stock-to-Flow (S2F) model. Popular crypto analyst PlanB has developed this analytical framework that values the BTC price based on its annual issuance schedule. Basically, the model measures BTC scarcity governed by the underlying network programming coded in the Bitcoin blockchain.
Theoretically, the stock-to-flow (S2F) model predicts that the BTC price should surge as the issuance rate declines. Morehead’s former Wall Street experience makes his predictions more creditable. Prior to founding Pantera in 2003, Morehead served as head of macro trading for the hedge fund Tiger Management. Before that, he has also worked at big banking institutions like Goldman Sachs and Deutsche Bank.
Pantera Capital CEO: BTC Will Rise $10,000 Every Month
The $115K BTC price target given by Morehead is in tune with his previous predictions. In January 2021, the Pantera Capital CEO has said that the BTC price would surge $10,000 every month for the next seven months. Pantera’s BTC price predictions for the first eight months of 2021 are:
- February 15: $45,268
- March 15: $52,943
- April 15: $62,968
- May 15: $74,474
- June 15: $88,576
- July 15: $104,761
- August 15: $115,212
Morehead added:
“I realize that price may sound ludicrous. But, $5,000 sounded equally ludicrous as our first written price forecast when we launched Pantera Bitcoin Fund at $65/BTC.”
Morehead also mentioned the four major factors that can help fuel the BTC price rally in 2021. This includes low-interest rates, massive money printing by central banks, growth in the DeFi sector, and rising institutional interest. During his January newsletter, Morehead called the 2017 bull run a bubble driven by ICOs. However, he adds that this time is different. Morehead says:
“There has been a massive shift from highly speculative, mainly non-functioning tokens having roughly half of the total market cap in 2017 — to today when the market cap is mainly in the two proven, functioning chains: Bitcoin and Ethereum. Those two chains have 86% of the value. The other 5,000 chains have 14%.”
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