Bitcoin Price Analysis: BTC/USD prediction points to $500k August 2021 – Pantera Capital CEO
Bitcoin bulls are taking advantage of the rising interest of the block reward halving next week to stage a recovery above $9,000. The dive from highs at $9,466 on Thursday last week found support at $8,400. Recovery from the support hit a snag at $9,200 on Sunday. The retracement Monday found support at $8,800, giving way for the ongoing breakout above $9,000. As mentioned in the precise prediction, BTC has a clear path to $9,500. If halving interest continues to mount, Bitcoin could soon soar towards $10,000.
Pantera Capital CEO predicts Bitcoin rally to $500k in August 2021
The CEO of Pantera Capital, a cryptocurrency hedge fund, Dan Morehead believes that if history of the past halving events is to repeat itself, then there is nothing that could stop Bitcoin surge to $500,000 in August 2021. Morehead predicted the rally after looking at the performance of Bitcoin in the 12 months prior to the May halving while comparing gold, oil and venture capital. In a letter addressed to investors, Morehead wrote:
If the new supply of bitcoin is cut in half, all else being equal, the price should rise.
Bitcoin has historically bottomed 459 days prior to the halving, climbed leading into it, and then exploded to the upside afterwards. The post-halving rallies have averaged 446 days – from the halving to the peak of that bull cycle. In this cycle, the market did in fact trough 514 days before the halving.”
For his bold Bitcoin price prediction, Morehead continued:
If history were to repeat itself, bitcoin would peak in August 2021 – at $533,431. Obviously that’s a big IF. That price sounds ludicrous…. Just sayin’ that there’s more than a 50-50 chance bitcoin goes up – and goes up big.