Cryptocurrency-focused venture capital (VC) firm Pantera Capital’s year-old Bitcoin price prediction is proving to be on target this April.
Nearly one year ago, Pantera projected BTC would hit $62,968 on the week of April 15th. This week Bitcoin, hit an all-time high of $64,804, per Coingecko.
CEO of the VC firm Dan Morehead spotlighted Pantera’s prediction on twitter, observing that the current Bitcoin rally is following the trend set by previous Bitcoin halvings quite closely.
“This is getting ridiculous. 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.”
Pantera’s estimates are based on the stock-to-flow ratio which takes into account the total number of Bitcoin in circulation relative to what is being mined. In addition to projecting that Bitcoin will reach $115,212 by August, Pantera predicts that BTC will hit $74,474 by May 15th, $88,576 by June 15th and $104,761 by July 15th.
Despite Pantera’s on-point call, the crypto-focused VC firm’s projections for the flagship crypto-asset have been off the mark by at least a week for all other months since June of 2020.
Pantera’s mid-March price target for instance was hit three weeks ahead of time. The firm’s predictions for mid-January and mid-February were both one week ahead of time.
On the other hand, all of Pantera’s price targets for the period between June and December of 2020 were at least two weeks late and as much as 15 weeks late.Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
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Featured Image: Shutterstock/Allen.G