The cryptocurrency market is experiencing a bear cycle in the intervening time, however Pantera Capital’s CEO is assured that the following bull market is on its method.
Dan Morehead, Chief Govt Officer of Pantera Capital, believes that the bear market is coming to an finish. He made this identified throughout an interview with Bloomberg earlier this week.
In keeping with Morehead, the following Bitcoin bull market is on its method. He advised Bloomberg that;
“We’ve been by way of three massive bear market cycles. I truly suppose we hit the lows in June, and we’re on to the following bull market. It is perhaps rocky and would possibly take some time, however I feel we’re on to the following leg of a rally.”
He identified that the ups and downs within the cryptocurrency area are regular and have occurred a number of instances over the past decade, together with the decline in 2018 and the consecutive market growth within the subsequent 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.
Nevertheless, Morehead believes that the cryptocurrency market has modified in current instances and doesn’t revolve round Bitcoin and Ether anymore.
He identified that quite a few different significant initiatives might develop in a lot sooner temps that Bitcoin over the approaching years. He stated;
“Bitcoin is not every part. There was a time bitcoin was 100% of the market, and for some time, Bitcoin and Ethereum have been primarily every part. Now there are lots of, many truly essential initiatives, and also you’ve seen bitcoin rally a bit, however the true story is initiatives apart from Bitcoin and Ethereum that rally extra.”
Whereas 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 stated;
“All of us hope it’ll be, you realize, 12 to 18 months and a pleasant restoration, however you clearly need to plan for it being longer than that. And in order that’s how we give it some thought. And we don’t attempt to get too cute about predicting the long run.”
Costs of most cryptocurrencies are down by greater than 65% from their all-time highs, with the overall market cap now under $1 trillion.