Editor's annotation: The original version of this article had Dan Morehead predicting a Bitcoin peak of $533,431 in an April 30 alphabetic character to investors shared with Cointelegraph. The prediction was changed to $115,212 in a Medium weblog published on May 4.

Pantera Upper-case letter Founder and CEO Dan Morehead has predicted in that location is more a l-50 chance Bitcoin goes up "and goes up big", with a predicted meridian of over $100,000 in August 2022.

The San Francisco-based blockchain and cryptocurrency hedge fund founder made the comments in a alphabetic character to investors examining the performance of Bitcoin (BTC) prior to the May 12 rewards halving in comparison to gold, oil, and venture capital.

Initially hesitating to make any kind of prediction equally to how the halving would affect the toll of the cryptocurrency, the CEO acknowledged "if the new supply of bitcoin is cutting in half, all else beingness equal, the toll should ascent":

"Bitcoin has historically bottomed 459 days prior to the halving, climbed leading into it, and and so exploded to the upside afterwards. The mail service-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."

Nonetheless, Morehead and so dropped a bombshell prediction:

"If this human relationship holds... bitcoin would peak at $115,212 /BTC… I realize that price may audio ludicrous to some today... Just sayin' that there'due south more than a fifty-50 chance bitcoin goes upwards – and goes up big."

Bitcoin Halving

Source: Medium

Bitcoin overtakes gold and oil

Morehead besides noted BTC's performance in comparing to legacy avails since he wrote a letter to investors on March 25, tweeting that the cryptocurrency had outperformed gold.

The asset may be losing some of its luster according to the Pantera CEO — "it's certainly past its Sell By engagement" — but "gold's been effectually for five,000 years, so it'southward not going abroad overnight."

The CEO also targeted oil markets with a rather on-signal jab at the asset: "At to the lowest degree you don't take to pay people to have your Bitcoin." The argument was in response to oil going negative for the first time in history, when the manufacture had to pay others to have barrels off their hands.

"...oil has been a terrible asset class. Oil's 35-twelvemonth compound annual growth rate (CAGR) is zippo point zero.... It's never even hitting 6% in the very best of times. Bitcoin has a 9-year CAGR of 215% with essentially naught long-term correlation to the residue of the globe."