- Pantera Capital CEO Dan Morehead expects the crypto bear market to end soon.
- Morehead further expects Bitcoin’s price to increase by a factor of 2.5x per year.
- He believes the crypto economy is no longer centered around Bitcoin and Ethereum.
Pantera Capital CEO Dan Morehead predicts that the crypto winter will break and Bitcoin‘s price will rise once again. According to an interview on Bloomberg, Morehead claims that Bitcoin hit bottom in June and is now on the verge of a bull market after having endured a bear market for longer than usual.
According to Morehead, industry watchers have experienced this multiple times over the past decade and seen three significant downturns in the market. Each bear cycle lasts for an average of 220 days. He believes this is what we just experienced.
I think we hit the lows in June. We’ll see. And then we’re on to the next bull market. And it might be rocky and might take a while to get going. But I think that we’re on to the next leg of a rally.
Morehead speculated that the price of Bitcoin will continue to increase by a factor of 2.5x per year. Nevertheless, he insisted that events had lately shifted in the crypto industry and that it was no longer centered on Bitcoin and Ether alone.
He thinks that many other worthwhile projects may develop considerably quicker in the foreseeable future than Bitcoin. The CEO explained that in the past, Bitcoin commanded a monopoly on the market. For a time, Bitcoin and Ethereum constituted virtually the whole economy.
Now there are many really important projects, and you’ve seen Bitcoin rally a bit, but the real story is, projects other than Bitcoin and Ethereum rally more.
However, not everyone seems to agree with this notion. Two weeks ago, Coinbase CEO Brian Armstrong also shared his prediction for when the crypto winter would break. He disagrees with Morehead and thinks this might endure for over 18 months, urging companies to prepare themselves.