Despite the massive volatility in the crypto space, there are all kinds of bullish predictions about the price of BTC. Here is the latest one.
The online publication the Daily Hodl notes that Pantera Capital founder Dan Morehead is anticipating BTC to hit $700k amidst rising adoption rates.
It’s been revealed that during an interview on Yahoo Finance Live, Morehead addressed his bullish thesis and said that the king coin could hit $700,000 once everyone with a smartphone connects to the Bitcoin network.
“We did a study showing the number of people using Bitcoin over the years and [the] price of Bitcoin. Both of those data series went up by an order of magnitude every two years. If that kept going, that would put Bitcoin at $700,000 when everybody with a smartphone uses it. Ten years’ time is a reasonable forecast.”
Data from Glassnode brings news about Active Entities
The same online publication mentioned above brings up data from Glassnode and notes that Bitcoin has experienced a 41% decline in active entities since January.
During the past week, however, the number of active entities shot up by 30%.
“Bitcoin has seen a resurgence in Active Entities over the past week, rising by 30% from [250,000] to [325,000] active entities per day,” he said.
He continued and said: “This degree of activity was sustained in July 2020 when BTC prices were around [$11,300] in Q2-2020.”
He also said that “Glassnode defines active entities as the number of unique entities “that were active either as a sender or receiver.”
More than that, Morehead predicted that Bitcoin would resume its bullish trend in the midterm due to a variety of fundamental catalysts.
We suggest that you check out the original article in order to learn more about these triggers that could boost BTC’ price to the moon.
At the moment of writing this article, BTC is trading in the green, and the king coin is priced at $41,690.10.