Crypto market’s vulnerability to external forces dictating price trends is once again exposed as the market struggles to recover following the tweet from Tesla Boss Elon Musk. Though the leading cryptocurrency is once again above $50,000 and Ethereum above $4000, the overall investor confidence seems to be very dilute at the moment. However, amidst opinions based on anti-crypto sentiments, Dan Morehead of Pantera capital is more positive. Dan believes that Bitcoins will still double in the next five to six months.
Pantera is amongst the leading US crypto investment firms. Speaking to Bloomberg, Dan said that their company believes Bitocin prices would be between $1,10,000 to $1,15,000 by the end of 2021. Supporting his claim, Pantera CEO said that since its inception, Bitcoins have on an average “tripled” every year and it is highly unlikely that it will not hold on to the trend this year and in the years to come.
Commenting on the latest from Elon Musk, who backtracked on his earlier populist stand to accept Bitcoins as payment for Tesla cars citing environmental concerns, Dan Morehead said that it will only have a short-term impact and will not deter Bitcoins from crossing the $100k mark this year.
Demonstrating his confidence in the future of the crypto markets, he said that Bitcoins are only 40% of the market and the majority of the 60% tokens do not rely so heavily on energy consumption and therefore, the “energy issue” is unlikely to be an impediment to the growth of the market on the whole.