Bitcoin to Peak at $115,000 by August Next Year, Says Pantera Capital CEO

Pantera Capital chief executive officer Dan Morehead has predicted a 50% chance the price of bitcoin (BTC) will hit $115,000 by August next year.

In a recent letter to investors, Morehead said: “If the new supply of bitcoin is cut in half (with the May 12 halving), all else being equal, the price should rise.”

The cryptocurrency entrepreneur analyzed bitcoin’s year-to-date performance against gold, oil, and private equity financing. He forecasts that BTC will continue to gain against other asset classes, post-halving, as fiat depreciates from stimulus packages.

Morehead noted that halving historically propels a bull run, due to real or perceived scarcity of supply.

“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. If history were to repeat itself, bitcoin would peak in August 2021,” he explained, giving the prediction a “more than 50-50…