The CEO of Pantera cuts the Bitcoin price forecast for 2021 and sees an above-average performance by ETH
After earlier estimates that Bitcoin (BTC) could hit $ 115,000 by August, Dan Morehead, CEO and founder of Pantera Capital, cut the estimated price for this year and said Ethereum (ETH) will continue to outperform BTC.Dan Morehead. Source: A video screenshot, Youtube / Real Vision Finance
Bitcoin could end the year priced between $ 80,000 and $ 90,000, Morehead told Reuters, adding that the price could soar above the $ 120,000 mark within a year and hit $ 700,000 per coin in the next decade, powered by the increasing mainstream adoption.
In March, when BTC was at $ 55,700, the CEO said BTC was ahead of his company’s projected schedule of reaching $ 115,000 in August. Meanwhile, in May, before a sharp correction in the market earlier this month, Morehead estimated that BTC could double to cross the $ 100,000 mark this year despite environmental concerns.
And back in June, the CEO argued that, against the urge, investors should buy Bitcoin when the market is below trend and benefit from the fact that it has only been at or below that price level for a fifth of the past eleven years. BTC was at the $ 40,300 level at this point.
Today at 09:39 UTC, BTC is trading at $ 38,598 and is down more than 2% in one day, reducing its weekly gains to less than 4%. The price has increased 11% in a month.
Morehead said Pantera Capital’s funds, which raised $ 2.8 billion
He also compared BTC and Ethereum (ETH) in the sense that the latter “keep going” than the former as it is a younger coin. However, Morehead also suggested that upcoming tech improvements, such as the upcoming London upgrade and the introduction of Ethereum 2.0, as well as the use of Ethereum in Decentralized Finance (DeFi) will help the coin “please keep doing better”.
“You will see a transition of people looking to store wealth, and that is in Ethereum and not just Bitcoin,” he said without giving a price prediction.
ETH is currently trading at $ 2,496 after falling more than 3% in one day. It’s up nearly 12% in a week and a month.
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Learn more:
– Bitcoin could exceed USD 66,000 in 2021 and USD 400,000 by 2030 – ‘Panel of Experts’
– ETH becomes ‘unlikely’ to become the ‘people’s currency’ but can still compete with BTC
– Bitcoin Mega Bull MicroStrategy CEO gives Ethereum, Altcoins hope
– Bitcoin should be treated as an investment for five to ten years – Kraken CEO
– “Fiat-like” proof-of-stake chains favor centralization and rich players
– The Ethereum Economy is a house of cards
– Why Ethereum Is Far From “Ultrasonic Money”
– Ethereum has to work harder to maintain its dominance in a multichain future
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