In a letter to investors, Morehead says he’s circumspect about making any prediction for Bitcoin. Regardless, he goes on to explain Bitcoin’s trajectory, from previous halvings. According to him, Bitcoin usually bottoms 459 days to a halving. In the days leading up to the halving, it begins to rise. After the event, it explodes. Morehead adds that post-halving rallies usually last 446 days from the day of the halving to the day of Bitcoin’s highest price, in the ensuing bull cycle. He then uses this information to make a Bitcoin prediction:
“If history were to repeat itself, Bitcoin would peak in August 2021 – at $533,431. Obviously that’s a big IF. That price sounds ludicrous…Just sayin’ that there’s more than a 50-50 chance Bitcoin goes up – and goes up big.”
Morehead had said earlier that Bitcoin would very likely outperform other assets.