Bitcoin bulls are mostly unstoppable and since the bear market ended and Bitcoin began to surge in early April, almost every forecast has been interestingly bullish, with some predicting that Bitcoin will hit its $20,000 all-time high from December 2017 and even surpass it. Now, another projection by the CEO of Pantera Capital has put Bitcoin at $42,000 before the year runs out.
Even $356,000 Is Possible By 2021
CEO Dan Morehead, during an episode of Unchained podcast, said that predictions based on Bitcoin’s movement history and past trend lines not only see Bitcoin more than doubling its current all-time high but also reaching a whopping $356,000 in 2021 based on the coin’s compound growth rate over the past few years.
Morehead explained that when Bitcoin was at $3,100 during the 2018 winter, Pantera carefully measured the coin’s possible growth trajectory on the assumption that the historical trend line is maintained long into the future. According to him:
“That put Bitcoin at $42,000 at the end of 2019, which I know sounds crazy, but essentially we’re halfway back there.”
The CEO also explained that the same calculations see Bitcoin at $122,000 next year and $356,000 by 2021.
“It’s right on the trend line, and I think it’s a good shot that by the end of the year, we hit that, and then if you just extrapolate that line out for another year, it’s $122,000 per Bitcoin and in one more year $356,000.”
Morehead Is Not Alone
The statistics trailing the king coin aren’t very promising at the moment. Over the last couple of weeks, the price has really struggled to keep up with its earlier price rally from a few months ago. Bitcoin is currently trading a little over $9,700 according to data from CoinMarketCap, which is at least 30% from 2019’s all-time high of $13,800. This current position is not exactly in line with some of 2019’s bullish predictions.
Nevertheless, Morehead has stated that regardless of how crazy the Pantera predictions seem at the moment, the Bitcoin market has already more than substantiated them in the past.
“[These prices] 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.”
As earlier stated, these predictions are not new as Tim Draper has earlier predicted a $250,000 price by 2022-2023. As a matter of fact, a forecast more bullish than Pantera’s was disclosed back in February when John McAfee said he sees “Bitcoin at a million dollars someday.”