Pantera Capital CEO Predicts Over 100% Increase in Bitcoin Prices - COINTURK NEWS
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Pantera Capital CEO Predicts Over 100% Increase in Bitcoin Prices

10:38 pm (36 days ago)
November 1, 2023

One of the biggest advocates of the cryptocurrency market, CEO of hedge fund Pantera Capital, Dan Morehead, claimed that Bitcoin will prove itself again by achieving over 100% annual price increase. In an interview with CNBC on October 31, Morehead stated that the crypto sector will continue to expand on a broad basis.

Praises for Bitcoin

Bitcoin closed the month of October with a 29% increase, experiencing its second best month of 2023 and returning to the highest levels in 18 months during this period. However, Morehead from Pantera, considering the economic conditions, expressed concerns about another risky asset class he defined as overvalued stocks. Morehead commented:

“Stocks are overvalued because the P/E ratios were at the same level even when interest rates were low, but now the rates are much higher and rising. If you take the 50-year average stock risk premium with a 10-year bond yield of 5.00%, stocks should be 23% lower than today.”

Morehead referred to the changing macro conditions in the US where interest rates have reached the highest level in the past twenty years and highlighted the possibility of a stagnation in traditional markets. Despite this remarkable prediction, Morehead used praising words for both Bitcoin and the king of altcoins, Ethereum, and claimed that Bitcoin will increase more than twice its average performance every year.

“Bitcoin’s 14-year growth trend is 145% per year. This is my general prediction, and I believe Bitcoin will redefine the trend and increase more than twice every year.”

Prediction of a Pre-Halving Decline

In these times when the price performance of Bitcoin has reached the peaks of recent periods, Bitcoin investors are only considering a new scenario. According to this scenario, many investors are concerned that a significant decline may begin for the halving event expected to take place in April 2024.

According to Filbfilb, co-founder of the trading platform DecenTrader, this decline is most likely to occur one month before the halving event. In other words, the famous figure believes that a sell-off will take place in March 2024.

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