At the moment of writing this article, Bitcoin, just like other important coins in the crypto space are trading in the red. BTC is currently priced at $9,188.61.
The latest outlook on Bitcoin
It’s been just revealed that the crypto-focused venture firm Pantera Capital just released the latest outlook on Bitcoin and the overall crypto markets.
In a note to investors, the CEO Dan Morehead said that he’s expecting a tidal wave of money printing to boost BTC while investors are searching for assets that have a fixed supply.
“That tsunami of money will have a large impact on many things. In our markets it seems inevitable that it will push up the price of fixed-quantity things like bitcoin. If there are trillions more paper dollars, the law of supply and demand implies much more paper money to buy the same amount of cryptocurrency,” he said.
Bitcoin is set to hit $150k by August 2021
It’s also worth noting the fact that Pantera’s analysis states that Bitcoin is targeting $150,000 by August of next year.
Regarding the altcoin market, Pantera co-chief investment officer Joey Krug highlighted the fact that various coins have outperformed BTC’s 34% gains this year, including a 98% rise in 0x (ZRX), a 97% surge in Augur (REP) and an 88% jump in Ethereum (ETH).
This is reportedly a trend that Pantera expects to continue in a new bull cycle.
“During cryptocurrency bull markets, we expect assets outside of bitcoin (alt-coins or alts) to outperform…” he said.
He continued and explained: “Historically, alts haven’t outperformed until mid to late in the bull cycle. For instance, from Jan 1, 2016, to Dec 31, 2016 bitcoin’s share of the market dropped from 91% to 87%. But by the end of 2017, it was down to 38%. It’s currently sitting at 65%. The implication here is that over time we expect the performance gap between alts and bitcoin to widen over the course of the next year, with alts outperforming.”
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