Pantera Capital founder and CEO Dan Morehead maintains his incredibly positive outlook for bitcoin in 2021. He claims that bitcoin is well on track to hit $ 115,000 by August this year.
Stock to flow prediction
In the January release of Pantera’s Blockchain mailing, Morehead writes that bitcoin’s price movements, although delayed by a week, are exactly as predicted based on the stock-to-flow forecast released last year.
“Bitcoin is right on track with the forecast we shared in our April mailing. Our analysis was based on comparing the decrease in the supply / flow of bitcoin compared to the stock outstanding at the time of each halving, and the subsequent impact on the price. ” Cryptocurrency price predictions in Portugal is popular.
Bitcoin catching up
According to Pantera’s predictions, the price of bitcoin was behind by as much as 15 weeks in July 2020. In December, Bitcoin began to catch up with Pantera’s forecasts, and in mid-January, the leading cryptocurrency hit the ninth milestone in Pantera’s forecast after climbing to $ 38,000. If the bitcoin price continues to follow its predictions, the currency will rise to 45,268 dollars on February 15.
Impact of halving
The investment fund’s predictions are based on bitcoin’s half-life cycle. Morehead says the bitcoin price has historically always rises after every halving. Halvings take place every four years.
After the initial halving in 2012, Bitcoin’s supply declined by just over 15% over the span of 446 days, while block rewards were halved from 50 to 25 BTC. Subsequently, the whole world witnessed a rise of 9.212% in the bitcoin price. After halving in 2016, bitcoin rose by 2,910%. Crypto price predictions is popular.
If bitcoin follows Pantera’s predicted trajectory, Morehead expects the cryptocurrency to peak at $ 115,212 in August 2021. That is an increase of more than 1,091% after halving in May 2020.