Dan Morehead, CEO of Pantera Capital, is the latest high-profile crypto figure to predict a dramatic Bitcoin (BTC) bull run. 

Based on the YTD performance of Bitcoin (BTC) prior to the 12 May halving, Morehead has predicted there’s more than a 50/50 chance that BTC “goes up big” – and he means “big”, suggesting a peak of more than $500K in August 2021. 

Morehead made the prediction in a letter to investors in his San Francisco-based crypto hedge fund, in which he analysed BTC compared to gold, oil, and venture capital. 

In the letter, Morehead pointed out that Bitcoin has “historically bottomed 459 days prior to the halving, climbed leading into it, and then exploded to the upside afterward.” He also noted that, on average, pos-halving rallies lasted 446 days. 

Based on this, and going on the solid premise that “if the new supply of bitcoin is cut in half, all else being equal, the price should rise”, Morehead then made the bold prediction that Bitcoin could peak in August 2021 at $533,431. 

Interestingly, he also observed that, though gold isn’t going anywhere – having already been an asset class for 5,000 years – oil has been a “terrible asset class”, with a 35-year compound annual growth rate (CAGR) of zero point zero” compared to Bitcoin’s 9-year CAGR of 215%. 

#Bitcoin overtakes Gold Year-To-Date.

Bitcoin was born in a financial crisis. It will come of age in this one. pic.twitter.com/Lw2Sn9RtR1

— Dan Morehead (@dan_pantera) April 29, 2020

AYO.NEWS says:

Despite some observers dismissing this year’s Bitcoin halving as a “non-event”, over the past few weeks we’ve seen a flurry of incredible predictions. 

Of course, crypto eccentric John McAfee is still hoping BTC hits $1 million by the end of the year, for the sake of his own penis, but others have also chimed in. Last week Silk Road founder Ross Ulbricht predicted $333 million Bitcoin, from his cell in an Arizona penitentiary, while crypto analyst PlanB used a modified stock-to-flow model to suggest $288,000 BTC as soon as this year. 

‘AYO.NEWS says’ features the opinion of the author and does not necessarily reflect the views of Pentagon Digital Limited or its affiliates or associates. 

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