Pantera Capital CEO Dan Morehead changes Bitcoin price forecast yet again.
After earlier estimates that bitcoin (BTC) could hit $115,000 in August failed to materialize, Dan Morehead, CEO and founder of Pantera Capital, lowered the estimated price for this year and said ethereum (ETH) will continue to outperform BTC.
Bitcoin could end the year with a price tag of between $80,000 and $90,000, Morehead told Reuters, adding that the price could rise above the $120,000 level in one year and reach $700,000 per currency in the next decade, driven by the increased adoption trend.
In March, when the BTC was at $55,700, the CEO said the BTC would hit $115,000 in August. Meanwhile, in May, ahead of a sharp correction in the market that month, Morehead estimated that the BTC could still double this year, surpassing $100,000 despite concerns over the ecology.
And in June, the CEO argued that investors should go against their will and buy bitcoin when the market is below trend, taking advantage of the fact that it was at that price level or below for just a fifth of the previous eleven years. BTC was at the $40,300 level at the time.
Ethereum x Bitcoin
Morehead said funds at Pantera Capital, which manages $2.8 billion in blockchain-related assets, have attracted institutional investors less oriented toward the momentum than retail investors, and who see current prices as an opportunity to purchase.
He also compared the BTC and the ethereum (ETH) in the sense that the latter has “more to go up” than the former, as it is a younger currency. However, Morehead also suggested that upcoming technical improvements, such as the London update and the release of Ethereum 2.0, as well as the use of Ethereum in decentralized finance (DeFi), will help the currency “continue to outperform bitcoin”.
“You’ll see a transition from people who want to store wealth, doing it in ethereum instead of just bitcoin,” he said, without providing a price forecast.
ETH is currently trading at $2,496, after falling more than 3% in one day. It’s gone up almost 12% in a week and a month.