A steady rally in the crypto market divided analysts into two camps. Crypto skeptics reckon that bitcoin is imminently set to pull back after having conquered historic peaks. From their viewpoint, the mark of $40,000 per token will remain an absolute record. Alternatively, bitcoin fans are certain that the current $40,000 is only the beginning. They believe that the number one cryptocurrency will surge as high as $115,000 this year.
Let’s try to figure out whether the positive outlook rests on some realistic grounds. Pantera Capital founder and CEO Dan Morehead is confident that bitcoin will jump by another 220% from the current levels. The crypto expert predicts that the leading crypto asset is still right on track to hit $115,000 by August 2021. Interestingly, he warns that he would not bet all his savings on this scenario, though he admits it is highly feasible. Pantera Capital has already impressed crypto traders with accurate forecasts. In the 2020, the analytical group published the long-term outlook of the bitcoin price dynamic until August 2021. This forecast has come true with amazing accuracy so far. When everyone thought that another spike was out of the question, Pantera Capital predicted that the most popular cryptocurrency would soar to $38,000 per token on January 15. On that date, bitcoin actually skyrocketed to $39,700.
The reasoning behind this viewpoint is that the ongoing rally in the crypto market is driven by other catalysts than in 2017. Indeed, back in 2017, traders invested mainly in highly speculative tokens. Now they prefer investing in the time-proven bitcoin and Ethereum. According to statistics, these popular assets account for 86% of the crypto market in early 2021 whereas they represented nearly 50% 4 years ago.
