From Cointelegraph
Pantera Capital Management, a hedge fund with a focus on cryptocurrencies, said in their April newsletter that Bitcoin’s (BTC) price of $6,500 was probably the low for the cryptocurrency, and that it was “highly likely” BTC’s price will reach above $20,000 this year, the Wall Street Journal (WSJ) reported Friday, April 13.In December of last year, CEO of Pantera Capital Dan Morehead predicted that Bitcoin’s price could drop 50 percent before it reached new highs, a prediction whose first part has come true, as BTC dropped below $7000 in February - a 65 percent drop.
BTC’s price has since risen - most notably by $1,000 in 30 minutes on April 12 - currently trading at around $7,916 and down about three percent over a 24 hour period to press time.
In the April newsletter, Morehead wrote that he “rarely [has] such a strong conviction on timing. A wall of institutional money will drive the markets much higher.” Earlier this week, several Wall Street players made steps into cryptocurrency as the Rockefeller’s venture capital arm Venrock partnered with crypto investment firm Coinfund.
Additionally, a Goldman Sachs executive reportedly left to join Michael Novogratz’s crypto merchant bank, and reports circulated that Soros Management Fund would begin crypto trading.
Morehead added that his “professional opinion is that we’re in the first innings of a multi-decade trade,” as Bitcoin recently fell below its 200-day moving average, a “rare buy signal:”
“If you can buy something at $7,000 which was $20,000, it’s probably a good trade.”
Well they are a crypto hedge fund so I would expect them to almost always be bullish on bitcoin. I think $20K is a modest that will only be a stepping stone we see in late Q2 or Q3. I expect Q4 to reach all time highs past $30K.
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very likely, the future is looking bright, all the institutional investors tried to catch the pump back at the end of December , so now they have seized the opportunity from the shaky hands and all the fud. good times ahead
cheers
Dante
I really hope that crypto in general takes off. I would love to see bitcoin hit $30K because you would assume the restored faith in crypto currency with huge upside would result in some other altcoins seeing upswings too even if not as steep. For instance it would be awesome to see a decent upswing in the price of STEEM in a bull run on bitcoin and other cryptos. I'm not so sure I see those highs coming in2018 but if crypto continues to push through all the hinderences it's experienced so far this year then I think 2019 could be when we start to see some big returns maybe a year or so from now. Only time will tell, we all need to be patient in this and not give in to any FUD.
There are many expectation on bitcoin and it is predicted to hit high around decemenber. But i will really be interested in investing in steem coin.this is because such coin are better for long time investement..thanks for the info @contentjunkie
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