Recently, during the Unchained podcast with Laura Shin, Dan Morehead and Joey Krug of Pantera Capital where interviewed. Morehead expressed his thoughts on the prospect of Bitcoin’s price in the future. His comments where in response to a question asked concerning the general lifecycle of cryptocurrency and blockchain. In his reply, Morehead drew attention to a potential price of $356,000 within three years using past trends of Bitcoin’s price movements on a logarithmic scale as a yardstick for his analysis.
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Going by Morehead’s calculation, by the end of 2019, $42,000 bitcoin price will be recorded and even has the potential to reach $356,000 within a couple of years. The end of the Bitcoin price in 2018’s bear market around $3100 had Pantera Capital believing in its yearly growth in 2019.
“That put Bitcoin at $42,000 at the end of 2019, which I know sounds crazy, but essentially we’re halfway back there,” Morehead states. Noteworthy is the recently released research note by crypto prime dealer SFOX. The research shows that during the holiday later in the year, bitcoin will experience a bullish move.
Additionally, Delphi digital, a digital asset research firm recently released a report that showed how retail investor keenness around Bitcoin has returned in 2019. Morehead also dived into the recent technological developments in the Bitcoin network. He explained that with the current number of per second transactions, there could be a recurring problem for Bitcoin as the technology is improved.
Bitcoin is presently trading at $9,734 following a ghastly week. While its present level is higher than that of last week, Bitcoin continues to strive to maintain gains above $10,000.
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On the visibility of Bitcoin exchange-traded fund (ETF), Morehead used the last approved assets class by ETF as an example, the copper approval which took three years. He said, “but copper has been around for 10,000 years, right?” Meaning that with the approval it can stand the test of time. Morehead has concluded that the Bitcoin ETF approval will take a long time to actualize. In terms of what has caused the Bitcoin price to shift back in a positive way this year, speculations have ranged from operation through the Tether stablecoin, normal activity by a store of value asset, and some indirect help from Facebook’s Libra cryptocurrency project.
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Morehead also forecasted over the success of tokens. He believes that most Altcoins will fail, while the successful ones will give birth to thousands of decentralized applications.
Bitcoin (BTC) Price Today – BTC / USD
Pantera Capital currently had funding round for a decentralized exchange startup called Sparkswap, in partner with Initialized Capital and Foundation Capital and Y Combinator. Pantera Capital claims to be the first U.S.-based Bitcoin investment firm ever created, founded back in 2013.
What do you think? Can the price of Bitcoin move this high in the next few years? Share your thoughts about the Bitcoin price prediction in the comment section below.