Could Bitcoin Break $20,000 in 2018? According to Pantera Capital It is Highly Likely

It is ‘highly likely’ that bitcoin will break $20,000 dollars during this year, according to Pantera Capital, a hedge fund that works with cryptocurrencies. The newsletter that they published in April, Bitcoin at $6,500 was the lowest point that could probably reach during the current year.

Pantera Capital Management predicts Bitcoin over $20,000

Pantera Capital is not the only institution that claims that Bitcoin could reach new all time highs in 2018. As reported by the Wall Street Journal (WSJ) on April the 13^th, Pantera Capital explained that is is possible that Bitcoin will cross the $20,000 barrier reached in Decemeber 2017.

At the same time, Dan Morehead, CEO of Pantera Capital, said in December that Bitcoin could drop 50% before reaching new highs.

“Bitcoin could be down 50 percent next week… where it was a month ago, but in a year, it’ll be much higher than it is today,” commented Mr Morehead.

Since December 2017, Bitcoin is in a bear market that seems to be challenged in the last days. As we wrote on April the 12^th, Bitcoin increased its price $1,000 in less than an hour.

The newsletter that Morehead sent to its investors says that they do not have a ‘strong conviction on timing,’ but institutional investors will create pressure on the crypto market. In the last months some important institutions announced that they are going to start investing in Bitcoin and other cryptocurrencies.

For example, George Soros, has taken a U-turn in his position towards virtual currencies. According to Bloomberg, his $26 billion family office is planning to invest in digital assets.

In the past, Mr Soros commented:

“As long as you have dictatorships on the rise you will have a different ending, because the rulers in those countries will turn to Bitcoin to build a net egg abroad.”

Other important investors have been commenting positively about Bitcoin and their future price. John McAfee, said on Twitter that he stills believe that Bitcoin will reach $1 million dollars before 2021.

The "experts" who doubt my 12/2020 Bitcoin price prediction forget that as crypto grows, huge devaluations of Fiat will occur. No one who understands crypto doubts that the U.S. dollar will have zero value in 10 years. Why then not accept a 500% devaluation in 2 and a half years?
— John McAfee (@officialmcafee) April 14, 2018