Pantera Capital CEO Dan Morehead Sets a $126,000 Bitcoin Price Target

Dan Morehead, CEO of Pantera Capital—a firm renowned for its pioneering role in digital asset investments since 2013—has delivered a bold valuation call for Bitcoin.

Dan Morehead, CEO of Pantera Capital, believes that Bitcoin’s price should be trading above $120,000, potentially even surpassing $126,000, if recent political and regulatory developments were fully reflected in market prices.

Morehead’s argument comes at a time when Bitcoin’s price has only increased by 24% since the last US presidential election, which is a modest rise by his standards. In a post on X, Morehead highlights significant political and regulatory milestones that suggest Bitcoin’s current price at $71,811 should be trading considerably higher.

“If a few days before the US Presidential election – with bitcoin at $69,000 – a sorcerer showed you a crystal ball and in it you knew for a fact that the pro-crypto candidate wins the presidency, Red House and Senate, 54 anti-crypto Members of Congress losing their seats, several Presidential Executive Orders on crypto including: Strategic Bitcoin Reserve, US Digital Asset Stockpile (with other cryptocurrencies), most major SEC actions against blockchain industry participants dropped and the President hosting a summit to get input from the industry …all this in ten weeks.”

According to Morehead, if you were to bet on Bitcoin’s price performance, considering these winning possibilities, would you say that the cryptocurrency’s price would rise by more than 24% by the end of the year?

“I’d bet you’d say bitcoin would be up way more than 24%. The way I think of it, the markets have barely moved relative to trend. The twelve-year compound annual growth rate of Pantera Bitcoin Fund is 83%. It’d be up almost as much just naturally. Seems to me that the crypto markets have yet to price in the very positive developments.”

By suggesting that the market’s current price fails to capture a natural upward trend and that a 83% uptrend would position BTC above $126,000, Morehead's bullish forecast is especially striking given the backdrop of recent market volatility.

Bitcoin suffered a drop of over 7% after US President Donald Trump announced reciprocal tariffs, serving as a stark reminder that even the most promising outlooks can be quickly dashed by sudden geopolitical and economic shocks.

Arthur Hayes, founder of BitMEX, reacted to the market’s seven percent downturn on Monday. In a post on X, he said that traders can expect choppy conditions in the coming weeks. According to Hayes, the $76,500 price point is crucial. If Bitcoin can maintain that level by mid-April, then we’ll see the market’s ability to regain traction in a positive light.

“Mrkt no likey ‘Liberation Day’, if BTC can hold $76.5k btw now and US tax day Apr 15, then we are out of the woods. Don’t get chopped up!”

Meanwhile, Charles Edwards, founder and CEO of Capriole Investments, hinted at the possibility of Federal Reserve intervention. He drew parallels to previous periods where expansionary monetary policy helped to reignite risk-on appetite, often boosting Bitcoin in the process.

“Consider this as tariffs come in higher than expected. The Phily Fed Business Outlook survey is showing expectations today comparable to 2000, 2008 and 2022. How long until the Powell printer starts humming?”

At press time, BTC traded at $81,811.