An experienced cryptocurrency investment expert Dan Morehead is sticking to his highly bullish outlook regarding the bitcoin price (BTC-USD) even as bitcoin prices reached new levels this week.
“I could see bitcoin double or triple in the next few years,” the Pantera Capital founder and CEO announced during Yahoo Finance Live. Morehead stated to Yahoo Finance several months ago that he believed that bitcoin could be worth $700,000. This was based on his exhaustive investigation.
Morehead established its first crypto fund back in the year 2013. The company currently has six billion dollars of assets under management. This includes venture capital investments as well as early-stage token investments. In the month of March, they concluded their latest crypto fund, which can invest in liquid crypto tokens as well as venture capital.
Let’s just say that Bitcoin is far from the price forecast of Morehead’s ultimate prediction as of now. However, this week will suggest that bitcoin’s price may rise as institutional investors and retail investors continue to enter the market.
Two new Bitcoin ETFs for Futures Bitcoin value surpassed records heights this week, amid excitement about the launch of ProShares Bitcoin Strategy ETF and Valkyrie Bitcoin Strategy ETF. The bitcoin benchmark reached an all-time high of $66,909, but it cooled somewhat on Friday, but it did not fall below $61,000.
Another cryptocurrency, including Ethereum, has been observing an upward trend, with the price reaching 4,300 (a new record) during one time of the week. Webull President Anthony Denier told Yahoo Finance Live that the trading of crypto is booming this week.
Says Morehead, “I could see a billion people using bitcoin 10 years from now and the price of bitcoin in the hundreds of thousands.”
Analyst PlanB anticipates Bitcoin (BTC) will embark through a massive parabolic run in the coming months. Analyst PlanB says that if BTC is able to keep adhering to the minimal price forecasts of the S2F model, then it will increase by over 44% over the current value of $60,000 in November. It could also create a new major rally by December.
If this trend continues and honestly, I’d be astonished that it doesn’t then it could be a Black Swan event that we haven’t experienced in the past 10 years. If this trend persists, we’ll be at $98,000 by November and $135,000 in bitcoin by December. If that proves to be the case, it’ll be a great Christmas this year.”
He is expecting a significant price rise in the next months; he’s not convinced bitcoin can overcome another major decline that has always followed the bull market in every cycle. I don’t believe the world is prepared to go through a hyperbitcoinization process or supercycle right now.
The study revealed that 29 percent of respondents believed the hyberbitcoinisation process could happen as early as 2035. An additional 20 percent believe it will happen in 2040. However, 44 percent of respondents didn’t believe it to happen at all. Bitcoin has gained greater support or attracted the attention of businesses and financial institutions across the world like JPMorgan, Goldman Sachs, PayPal, Visa, Tesla, Apple, MicroStrategy, and many more.
Recently El Salvador, a Central American nation El Salvador was the first nation in the world to accept Bitcoin to be a legally enforceable currency. Others such as Bulgaria and Ukraine also owned Bitcoins, according to BitcoinTreasuries.org. The cost of Bitcoin is forecast to grow by $318,417 by the end of 2025, as per the panel. “Events on the way to 2025 and 2030 and halving inflation could drive major growth,” said Justin Chuh, senior trader at Wave Financial, in the report.
The billionaire venture capitalist Tim Draper has said he will not change his original forecast that Bitcoin will be worth $250,000 (roughly approximately. 1.85 crores) at 2022’s end or 2023 or earlier, in spite of the major cryptocurrency markets having a massive crash just a few weeks ago. Draper who has made a bet in Bitcoin previously, says he’s “pretty sure” that the world’s biggest cryptocurrency will be heading in the right direction and will be growing in acceptance before the end of 2022 or early 2023. Draper made his predictions for the first time during 2018 when Bitcoin traded at $8,000 (roughly about Rs. 5.9 thousand).
However, the world is witnessing Bitcoin being linked to more institutional investors such as Tesla, Microstrategy, etc. Many institutions are contemplating converting their cash into Bitcoin to protect themselves from financial crises.
Of course, other cryptocurrencies are also in the fray, which draws the attention of some retail investors towards it. But it’s still the largest cryptocurrency, with a market capitalization of $2.6 Trillion, higher than the total market value of the top five biggest banks.
