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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Bitcoin (BTC) Undervalued, May Be Worth $356,000 by 2022: Pantera Founder

Dalmas Ngetich
Dalmas Ngetich
1 year ago
2 mins read
technical analysis bitcoin

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  • Bitcoin (BTC) prices reacting from $9,500
  • Dan Morehead of Pantera Capital projects price to hit $356,000 by 2022

Pantera Capital’s founder, Dan Morehead, in a podcast, said Bitcoin is growing at a compound annual rate of 235 percent. At this pace, BTC’s would be worth $42,000 by the end of the year. Meanwhile, prices are relatively calm, up roughly two percent in the last day.

Bitcoin Price Analysis

Fundamentals

By acting as money and a settlement layer, Bitcoin is a topic of discussion amongst politicians. All the same, considering the receptiveness of governments toward blockchain, the underpinning technology of Bitcoin, fund managers are noticeably bullish.

Of the many, Dan Morehead, the founder of Pantera Capital, is optimistic of Bitcoin’s future. Not only does he say scalability, a persistent problem for Bitcoin and other public chains, will be resolved as the network grows, but he encouragingly adds that BTC prices would increase more than ten-fold in the next three years.

In one episode of the Unchained podcast, aired on July 23, he said:

“Graph the price of Bitcoin logarithmically […] its trend is going to grow at 235% compound annual growth rate and […] that put Bitcoin at $42,000 at the end of 2019. And I know this sounds crazy, but we’re essentially halfway back there. […] I think it’s a good shot that by the end of the year we hit that. And if you just extrapolate that line out for another year, it’s $122,000 per Bitcoin and then one more year, $356,000.”

Candlestick Arrangement

Bitcoin BTC

Presently, BTC is back to green, adding 1.9 percent in 24 hours. Interestingly, prices are reacting from $9,500, a significant support level.

In a clear bullish trend, risk-off traders can nonetheless liquidate the asset on every high as long as prices are trending below $11,200. This line of thought is because $11,200 is the next resistance line. The level marks the upper limit of the two conspicuous bear candlesticks of July 14 and July 16.

Besides, BTC prices are trending inside July 16 candlestick. From an effort versus result point of view, sellers have the upper hand. Therefore, unless there are upswings, lifting BTC above $11,200, bears have the upper hand.

Upon breakout, mirroring the superb gains of Q2 2019, BTC would easily float back to $14,000 or better, in days ahead.

Technical Indicators

As such, July 16 bear candlestick is leading this trade plan. Aforementioned, the breakout above $11,200, reaffirming buyers of July 14, ought to be with high trading volumes above 43k.

In such an eventuality, the first bull target will be $15,000, and later $18,000. Conversely, steep losses below $9,500 would trigger a collapse to $7,500.

Chart courtesy of Trading View. Image Courtesy of Shutterstock

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Dalmas Ngetich
Dalmas Ngetich

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

Read more

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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Strict editorial policy that focuses on accuracy, relevance, and impartiality

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