Bitcoin will hit $42,000 by end of 2019: Pantera Capital CEO Dan Morehead reaffirms
- Bitcoin braced for massive gains in the coming years according to Pantera Capital.
- Bitcoin is currently trading at $9,734 following a gruesome week.
The chief executive officer of Pantera Capital Dan Morehead while on a podcast episode on Unchained Podcast on July 23 predicted massive gains for Bitcoin price. Morehead was only confirming that Pantera Capital is not adjusting its earlier predictions for the largest crypto which placed Bitcoin at $42,000 by the end of 2019 and $356,000 by 2121.
The bottom of Bitcoin price in 2018’s bear market around $3100 had Pantera Capital believing in yearly growth starting 2019.
“That put Bitcoin at $42,000 at the end of 2019, which I know sounds crazy, but essentially we’re halfway back there,” Morehead affirmed.
He added:
“It’s right on the trend line, and I think it’s a good shot that by the end of the year, we hit that, and then if you just extrapolate that line out for another year, it’s $122,000 per Bitcoin and in one more year $356,000[.]”
Bitcoin is currently trading at $9,734 following a gruesome week. While its current level is higher that the lowest point last week, Bitcoin continues to struggle sustaining gains above $10,000. However, Morehead says that their predictions could side crazy but the past has already proven itself.
“…($42,000, $122,000 and $356,000) sound crazy, but (in) our first research piece that we wrote on Bitcoin, we predicted it would go to $5000, and when it was at 100 bucks, everyone thought that was totally nuts, but these numbers, in 2 or 3 years, people look back and go, oh yeah, that makes sense.”
Author
John Isige
FXStreet
John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren
