Dan Morehead, founder and CEO of Pantera, believes the Bitcoin price could hit $42,000 in the 2019 end. And he says the bitcoin price in three years will be $ 356,000.
At the end of 2019, Morehead's mathematics said the $ 42,000 bitcoin price was on the cards.
FOX, the chief dealer of crypto, also published a study suggesting that Bitcoin's value could increase significantly towards the end of 2019.
—-Bitcoin's Unending Cycle
When asked about the current stage of development of cryptocurrency, Morehead first pointed to the Gartner Hype Cycle, this is a method of interpreting a wide range of hype levels that may arise in new technologies.
Morehead added that, in his view, it is important to remember that the opening of Bitcoin and the technologies around it is a twenty-year project, and we only take a decade at this point.
—-Where Does the Bitcoin Price Go from Here?
Asked where Blockchain and the cryptocurrency industry are today in terms of these various hype cycles, Morehead said the Bitcoin price chart is relatively consistent when marked on a logarithmic scale. However, as in 2013 and 2017, price bubbles are clearly visible in the graph.
In a logarithmic price chart, price movements are monitored on the basis of percentage change rather than simple price increases and decreases.
Earlier in the year, when Bitcoin was still near the bottom of its current market cycle, Pantera graphed out what the Bitcoin price may look like if it spent the next twelve months returning to its previous trend line and the continued along that trend line for the next couple of years after that. According to Morehead, that previous trend line indicated a compounded annual growth rate of 235%.
This methodology from Pantera pointed to a $42,000 price by the end of 2019, a $122,000 price by the end of 2020, and a $365,000 price by the end of 2021.