Dan Morehead is the CEO of Pantera Capital, a firm fixated towards Bitcoin and other digital currencies, and corporations operating blockchain technology. Pantera has benefited an average of 25,000 percent during the previous moving averages.
Dan suggests that Bitcoin prices have dwindled to $8,000 since few days indicating a slanted curvature after a series of rises and drops. Dan Morehead, the CEO of Pantera Capital, predicted that BTC price will hit $20,000 in December of 2018, giving green light for buyers.
Bitcoin has been dropping down since mid-January 2018. Morehead added that a market that’s been growing rapidly rarely ever gets below its 200-day moving average. Further indicating that buying Bitcoin at its nethermost value would simply provide high revenue. Pantera capital had received 25,000 percent last December after the prices had dropped last year.
When the MA – Moving average is at high that usually means the market is going to inverse very soon. When the reading is at its lowest, it signals that the market is going to change. The 200 days MA is primarily the aggregate of the closing prices for the last 200 days. Investors and crypto- traders rely on MA as it represents a lift-off, hence providing trading signals.
Twitterati Valerust Kus says that:
“The moment of truth when a CNBC pundit trying hard to shit on bitcoin claims that it’s correlated to stocks. Pantera Capital replies: correlation = 0.2%. ONLY 0.2% Got it??”
Another Twitterati, John Delirious believes:
“Hey CNBC news how about never post about bitcoin again. You know exactly what you’re doing and how #bitcoin reacts to the news. SMH! Dirty..”
Pantera also reasoned stating:
“To put a little empirical evidence behind the assertion …. Better-than-average day to buy cryptocurrency: if you invested $100 on the day that the bitcoin price crossed below its 200-day moving average and sold a year later, your total return would be 285%. Buy low, sell high.”
Roman Daszkiewicz tweeted:
“It’s been a vertical line for 8 years” Classic! The calm tonality as he rolls that line out it priceless … @CarpeNoctom”
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Bitcoin will likely be valued at $100,000 with a market cap of over $2 trillion before the end of 2021
The entire cryptocurrency market seems to be on the brighter side of the market since the beginning of the year. A majority of the coins have recorded significant recoveries from their 2018 slump, a period during which most coins lost over 90 percent of their value, when compared to their all-time highs. Among all the coins in the market, Bitcoin [BTC] aka the digital gold, was noted to be making a massive comeback as the coin breached the $11,000 mark after nearly 15 months. The coin however, soon retracted to settle below the $11,000 level.
According to CoinMarketCap, at press time, Bitcoin was trading at $10,887.27 with a market cap of $93.549 billion. The coin recorded a 24-hour trading volume of $20.757 billion for the past 24 hours and saw a massive rise of over 17 percent over the past seven days.
Anthony Pompliano, Co-founder of Morgan Creek Digital Assets, predicted that the largest digital currency could rise to reach $100,000, before the end of 2021. Pomp added that he was around 70-75 percent confident in this prediction. He stated,
“As I have previously said, making predictions is difficult […] Part of my process as a professional money manager is forming a thesis (price target), identifying a timeline (date), and establishing a confidence level. And then constantly re-evaluating those three aspects of my thought process as I receive new information.”
Pomp however, listed six pointers that have to be understood beforehand. First, this prediction is not an investment advice, and people should do their own research before investing in the digital currency. The second is with respect to Bitcoin’s volatility, with Pomp remarking that since it was a highly volatile market, the coin could witness a significant fall before being valued at $100,000. He stated,
“I anticipate that there will be numerous 20-30% drawdowns from new all-time highs as the asset continues to appreciate in value. These mini-boom/bust cycles should not cause panic, but rather need to be understood as natural market dynamics whenever an asset gains significant value in short periods of time.”
Further, the partner of the investment firm stated that the rise would be driven by several catalysts. This includes institutional adoption, exchange-traded funds and retail product approvals, global instability, governments all across the globe manipulating currencies, markets and economy. He went on to state,
“The market cap of Bitcoin will reach $2+ trillion when Bitcoin is worth $100,000. This is less than 1/3 the market cap of gold and less than 1/40 the global money supply.”
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