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The bitcoin price will rise to $ 115,000 by August 2021. This conclusion was made by crypto hedge fund CEO Pantera Capital Dan Morehead, after having analyzed the above halves in a letter to investors.
My children used to count to 100: “One, two, skip some, a hundred”. It seems that we are doing it in quantitative easing. QE1, QE2, omit some, one hundred.
I think it is almost inevitable that this will be very positive for the cryptocurrency.#BuyBitcoinhttps://t.co/mMPhVBzpBs
– Dan Morehead (@dan_pantera) May 4, 2020
Morehead recalled that historically the price of the leading cryptocurrency bottomed out 459 days before the event, and the subsequent recovery lasted an average of 446 days.
“In this cycle, the market actually did it 514 days before the event. If history repeats itself, Bitcoin will peak in August 2021. “ – he noticed.
The head of Pantera Capital examined the effect of each reduction in BTC emissions as a result of halving the block reward. After the second half, the supply of coins dropped exactly three times, having exactly the same effect on the price.
The expected reduction in supply will be 40% more than in 2016, Morehead said.
“If the relationship persists, it will mean that price momentum will increase by approximately 40%; bitcoin will peak at $ 115,212.” He believes.
Recognizing that the price he called now seems “absurd”, Morehead reminded investors of the launch of the Bitcoin fund:
“$ 5,000 sounded as ridiculous as our first written price forecast when we opened the Panther Bitcoin Fund at $ 65 per BTC.”
Remember that in a previous letter to investors, the head of Pantera Capital predicted that Bitcoin would reach $ 20,000 in a year.
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