The cryptocurrency market is experiencing a bear cycle in the meanwhile, however Pantera Capital’s CEO is assured that the following bull market is on its manner.
Dan Morehead, Chief Government 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.
In keeping with Morehead, the following Bitcoin bull market is on its manner. He advised Bloomberg that;
“We’ve been via three large bear market cycles. I truly assume 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 believe we’re on to the following leg of a rally.”
He identified that the ups and downs within the cryptocurrency house 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 value, the Pantera Capital boss predicted that the main cryptocurrency would proceed rising by roughly 2.5x per 12 months.
Nonetheless, 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 mentioned;
“Bitcoin is now not every thing. There was a time bitcoin was 100% of the market, and for some time, Bitcoin and Ethereum had been basically every thing. Now there are lots of, many truly essential initiatives, and also you’ve seen bitcoin rally a bit, however the true story is initiatives aside 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 shall be round for an additional 12 months or so. He mentioned;
“All of us hope it’ll be, , 12 to 18 months and a pleasant restoration, however you clearly should 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 entire market cap now beneath $1 trillion.