Bitcoin Bulls Predict $115,000 by August 2021 – What’s Cooking?

The Bullish Bitcoin Forecast

Dan Morehead, the big cheese of Pantera Capital, recently shared his unwavering optimism regarding Bitcoin (BTC) at a conference call on January 12, 2021. He firmly believes that Bitcoin could potentially hit a mind-blowing $115,000 by this August, promising an eye-popping increase of 200% in just eight months. If you’re looking for a good time, this is where you might want to dip your toes in!

Reflecting on the Past Predictions

Morehead isn’t new to the prediction game. Back in August 2020, he made headlines when Bitcoin was flirting around the $11,600 mark. Fast forward to now, Bitcoin is riding high above $38,000! So, if you’re counting on Morehead’s crystal ball, it might be time to take notes.

Why Bitcoin Still Has Room to Grow

When asked if Bitcoin is overvalued, Morehead chuckled and said an emphatic “no.” The rationale? According to him, Bitcoin has spent a significant three years chilling below its long-term growth trend line. Even with its recent surge, it’s still got more ceiling to reach. And let’s face it, it’s a trend that the smart money is betting on.

The Impact of Global Digital Currency Movements

Moreover, Morehead sees big changes on the horizon, especially with global shifts like China’s digital yuan making waves. He points out that out of the billions of humans on this planet, there are still plenty who lack access to a bank but have smartphones. And, you guessed it, smartphones are the golden ticket to cryptocurrency access!

What’s Different About This Bull Run?

Joey Krug, co-chief information officer of Pantera, weighed in on why this bull run feels different from the last one in 2017. He suggests that the current rally is backed by substantial adoption trends rather than just a bunch of excitement and wild ideas scribbled on napkins. It’s an evolution, folks! The high-flying fundamentals of 2017 were like a party without a plan, and this time around, the guests are showing up with invitations.

Consensus Among Analysts

Notably, Morehead isn’t flying solo on this rocket ship. Other crypto aficionados like Catherine Coley of Binance.US also predict Bitcoin soaring to $100,000 by year’s end, and PlanB anticipates it could even land in the staggering $100,000 – $288,000 range. With Bitcoin setting a historical high of $42,000 on January 8 following a massive rally, the momentum is certainly there!