Bitcoin’s explosion to $ 700,000, possibly in the middle of a tidal wave, then Morehead predicts-that’s when

Dan Morehead, founder of Pantera Capital, expects the price of bitcoin (BTC) to be $ 700,000 in connection with the increase in the number of adoptions.

Pantera Capital, launched in 2013, is a crypto asset management company that currently controls more than $ 2.8 billion in assets.

 
In an interview with Yahoo Finance Live, Morehead sets out his bullish thesis by saying that the best crypto assets can reach $ 700,000 when anyone who owns a smartphone connects to the bitcoin network.

“We have a study showing the number of people using bitcoin in recent years and the price of bitcoin. Both sets of data increased by order of magnitude every two years. If this continues, it would be a $ 700,000 bitcoin when anyone who owns a smartphone uses it. Ten years is a reasonable estimate.”

Bitcoin has raised nearly 40% of its lows in the past 10 days to just under $ 30,000. With the bitcoin price currently just under $ 42,000, according to CoinGecko, BTC will need an estimate of 700% to reach Morehead’s $ 1,570,000 target.

The number of active bitcoin users has dropped 41% since January, according to glassnode. However, the number of active subjects increased by 30% last week.

“Bitcoin experienced a resurgence of active actors last week, increasing by 30% from [250,000] to [325,000] active actors per day.

This activity level is expected to be in July 2020, with BTC prices expected to be in the 2nd quarter of 2020. it continued when it was around [$11,300] in the quarter.”

Glassnode defines active assets as the number of unique assets that are “active as a sender or receiver”.

Morehead predicts that bitcoin will continue its upward trend in the medium term due to many major catalysts.

“I макроисторию such positive. A lot of money is being printed and a lot of institutions are opening up where markets will continue their rallies over the next twelve months.”

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