The founder and CEO of Bitcoin (BTC) investment firm Pantera Capital, Dan Morehead, is among the many bitcoin bulls who maintained their bullish bitcoin prediction for 2021. Morehead said that increased adoption will push bitcoin higher to reach around $115,000 by August 2021.
He expects that bitcoin will surge by almost 300% in the next eight months. Morehead was reportedly speaking at a conference call on January 12. The senior executive originally made this prediction in August 2020 when bitcoin was hovering around $11,600. At the time of writing, the crypto is trading at over $38,000 and Morehead believes that Bitcoin has lots of room for growth:
“Is bitcoin overvalued? I would say no. […] Bitcoin has spent three years well below its long-term compound annual growth trend line, it’s still below it, and although Bitcoin has rallied a great deal over the last six months, I think it is fairly valued.”
Pantera CEO thinks that major global digital currency developments like the digital Yuan will majorly impact the crypto space by enhancing mainstream adoption. He added:
“There are over a billion people on earth that do not have access to a bank, but do have access to a smartphone, and that’s all you need to use a cryptocurrency.”
The co-chief information officer of Pantera, Joey Krug, explained that the current bitcoin bull run is different from the past rallies. Thus, the rally will not end in the same manner as its recent 2017 surge. Krug believes that the latest rally is quite strong with regards to adoption fundamentals. He added:
“The high-level fundamentals for 2017 was that there weren’t many fundamentals at all, most projects were just an idea on a piece of paper, most things hadn’t launched, most things didn’t have live products.”
Other Bitcoin Price Predictions
Morehead is not the only person who thinks that Bitcoin will reach $100,000 in 2021. Earlier this month, Binance.US CEO Catherine Coley said that Bitcoin could reach $100,000 by the end of this year. The creator of the stock-to-flow (S2F) model, PlanB also said that the flagship crypto will reach the $100,000 to $288,000 range by December this year.
Bitcoin set a new all-time high of $42,000 on January 8 after a massive rally that enabled it to break the $20,000 on December 16, 2020. After a 25% correction, bitcoin is rebounding steadily trading above $38,000, up by over 10% in the last 24 hours at the time of publishing.