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Dan Morehead: bitcoin price at $115,000 in August
Dan Morehead: bitcoin price at $115,000 in August
Blockchain

Dan Morehead: bitcoin price at $115,000 in August

By Marco Cavicchioli - 14 Apr 2021

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According to Pantera Capital CEO Dan Morehead, the price of bitcoin could reach $115,000 in August

He revealed this on Twitter, where he wrote: 

“A year ago we predicted Bitcoin hitting $62,968 this week. It just did.

This Bitcoin rally is EXACTLY like previous halvings. Likely to reach $115k by August”.

Morehead also links to the letter to investors he sent last year in April in which, analyzing the stock-to-flow ratio and hypothesizing that the cycle of previous halvings could repeat after the one in May 2020, he speculated a bitcoin price peak at $115,212. 

In the tweet, however, he shares an image showing the projection of bitcoin’s price from May 2020 to August 2021, which on April 15th shows a price of $62,968, which is very close to the current one. 

Accuracy of Dan Morehead’s bitcoin price predictions

However, it is worth noting that the other projections in this table did not turn out to be very correct, since for example in mid-December the price of bitcoin was still well below $32,000, and in mid-March, it was well above $52,000, but in the third column, Morehead shows how these projections simply slipped forward or backward by a few weeks. The furthest from reality was the $13,000 mid-July projection, which came true only 15 weeks later. By contrast, the mid-April projection turned out to be substantially correct. 

So even the projection of $115,000 in mid-August may actually slip and come true weeks earlier, or later, and it should be noted that it may not come true at all. 

In fact, this table shows a de facto linear projection whereas the bitcoin price curve rarely is. 

Finally, it is worth noting that $115,000 is also very close to the figure indicated by the stock-to-flow model chart produced by PlanB, according to which the price of bitcoin could reach $102,000 at the end of August 2021. 

 

Marco Cavicchioli
Marco Cavicchioli

Class 1975, Marco teaches web-technologies and is an online writer specializing in cryptocurrencies. He founded ilBitcoin.news, and his YouTube channel has more than 25 thousand subscribers.

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