After recovering from a six-month-long losing spree earlier in February this year, Bitcoin has again started to show dreadful signs of fluctuations, which could scare away investors, especially those who witnessed the turmoil of 2018. However, Pantera Capital CEO Dan Morehead thinks otherwise and is quite bullish about the future.
According to the recent Bitcoin forecast by Morehead, BTC will touch $42,000 by the end of 2019 and will reach $356,000 till 2022. Though it sounds too optimistic, given the current market situation, the Pantera chief has his own arguments to back his claim. He regards the development of the Bitcoin chain, which would enable a continuous increase in the number of transactions per second, is one of the factors which could lead to exponential growth. He further added,
“Graph the price of Bitcoin logarithmically its trend is going to grow at 235% compound annual growth rate and that put Bitcoin at $42,000 at the end of 2019. And I know this sounds crazy, but we’re essentially halfway back there. I think it’s a good shot that by the end of the year we hit that. And if you just extrapolate that line out for another year, it’s $122,000 per Bitcoin and then one more year, $356,000.”
On the other hand, Morehead doesn’t share the same feelings for altcoins. He believes that more altcoins will fail, something that Max Keiser, Heisenberg Capital co-founder, and CEO, thinks. Interestingly, Keiser, too, is quite bullish for Bitcoin, saying that it would touch the $100,000 mark by the end of this year, and cross $1 million in the next few years.
However, Morehead thinks that a few altcoin projects will succeed, and a large number of dapp users will be introduced to the world of crypto through them, which is particularly important for the development of the industry. Bitcoin is currently reeling between $9,500 – $10,000, still a good $10,000 less than its all-time high, achieved in December 2017.