Pantera Capital CEO predicts Bitcoin could reach $740,000, driven by changing regulations

From Investing.com

November 26, 2024 3:00:20 pm:

Pantera Capital’s CEO Dan Morehead predicts Bitcoin could reach $740,000, citing changing regulatory landscape as a key driver. Bitcoin’s first fund exposed U.S. investors to the crypto in 2013 when it was worth $74. Bitcoin now trades at $92,000, up 120% this year but recently dipped to $91,420 due to market losses.

Despite a recent dip, Bitcoin has seen significant inflows into U.S. spot-Bitcoin exchange-traded funds, totaling about $7 billion since Nov. 5. However, there was a $438 million outflow on Monday. Bitcoin’s price has dropped by 1.89% to $93,137, with long-term holders selling in the spot market while MicroStrategy makes major purchases.

MicroStrategy made a record $5.4 billion Bitcoin purchase on Monday, marking their third significant purchase this month. Bitcoin’s price volatility has led to sell pressure from long-term holders but has been offset by inflows into Bitcoin ETFs and major purchases by companies like MicroStrategy.

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