Bitcoin is poised to hit as much as $115,000 by August 2021, surging 200% in the next eight months, Morehead reportedly said at a conference call on Jan. 12.
The exec initially made this prediction in August 2020, when Bitcoin was trading at about $11,600. At publishing time, the cryptocurrency is trading at over $38,000. On Tuesday, Morehead said that Bitcoin still has lots of room for growth:
“Is bitcoin overvalued? I would say no. [...] Bitcoin has spent three years well below its long-term compound annual growth trend line, it’s still below it, and although Bitcoin has rallied a great deal over the last six months, I think it is fairly valued.”
Morehead believes that major global digital currency developments like China’s digital yuan will positively impact the crypto market by boosting mainstream adoption. “There are over a billion people on earth that do not have access to a bank, but do have access to a smartphone, and that’s all you need to use a cryptocurrency,” Morehead said.
Joey Krug, co-chief information officer of Pantera, said that Bitcoin’s ongoing bull run is different from previous rallies and will not end the same way as its previous run in 2017. Krug said that the latest rally is much stronger in terms of adoption fundamentals.
“The high level fundamentals for 2017 was that there really wasn’t much fundamentals at all, most projects were just an idea on a piece of paper, most things hadn’t launched, most things didn’t have live products,” he stated.
Morehead is not alone in believing that Bitcoin will reach $100,000 in 2021. In early January, Binance.US CEO Catherine Coley predicted that Bitcoin could hit $100,000 by the end of the year. PlanB, the creator of the stock-to-flow model, also predicted that Bitcoin should achieve the $100,000 to $288,000 range by December 2021.
On Jan. 8, Bitcoin set a new historical high of $42,000, following a massive rally breaking $20,000 at the end of 2020. Following a correction, Bitcoin is steadily rebounding, trading at $38,600, up about 12% over the past 24 hours at publishing time.