The cryptocurrency market is experiencing a bear cycle in the mean time, however Pantera Capital’s CEO is assured that the next bull market is on its way.
Dan Morehead, Chief Executive Officer of Pantera Capital, believes that the bear market is coming to an finish. He made this recognized throughout an interview with Bloomberg earlier this week.
According to Morehead, the next Bitcoin bull market is on its way. He instructed Bloomberg that;
“We’ve been through three big bear market cycles. I actually think we hit the lows in June, and we are on to the next bull market. It might be rocky and might take a while, but I think we are on to the next leg of a rally.”
He identified that the ups and downs within the cryptocurrency house are regular and have occurred a number of occasions over the past decade, together with the decline in 2018 and the consecutive market increase within the next few years.
Discussing Bitcoin’s future worth, the Pantera Capital boss predicted that the main cryptocurrency would proceed rising by roughly 2.5x per yr.
However, Morehead believes that the cryptocurrency market has modified in current occasions and doesn’t revolve round Bitcoin and Ether anymore.Â
He identified that quite a few different significant initiatives might develop in a lot sooner temps that Bitcoin over the approaching years. He mentioned;
“Bitcoin is no longer everything. There was a time bitcoin was 100% of the market, and for a while, Bitcoin and Ethereum were essentially everything. Now there are many, many really important projects, and you’ve seen bitcoin rally a bit, but the real story is projects other than Bitcoin and Ethereum that rally more.”
While Morehead believes that the bull market is close to, Coinbase CEO Brian Armstrong believes that the bear market might be round for an additional yr or so. He mentioned;
“We all hope it’ll be, you know, 12 to 18 months and a nice recovery, but you obviously have to plan for it being longer than that. And so that’s how we think about it. And we don’t try to get too cute about predicting the future.”
Prices of most cryptocurrencies are down by greater than 65% from their all-time highs, with the overall market cap now beneath $1 trillion.
