Bitcoin is set to soar in the months ahead and likely to top $20,000 within a year as institutional investors enter the market, a blockchain and cryptocurrency focused hedge fund predicted.
"I have strong conviction now that $6,500 on Bitcoin is likely the low for this bear market," Dan Morehead, CEO of Pantera Capital, said in the April newsletter posted on the social platform Medium.
Morehead said though the Bitcoin price could briefly go below $6,500, it will remain above that level for the vast majority of the next 365 days.
"It's highly likely to have exceeded $20,000 within a year," Morehead said.
"I rarely have such strong conviction on timing. A wall of institutional money will drive the much higher."
Venrock, the Rockefeller family's venture capital arm, this month revealed investments in a blockchain network for video applications, and a strategic relationship with an advisory-focused cryptofund, CoinFund.
George Soros, who called cryptocurrencies a bubble in January, is reportedly planning to trade the same through the Soros Fund Management.
by Jyotsna V