James Atkins
Editor
Editor
The cryptocurrency market is experiencing a bear cycle at the moment, but Pantera Capital’s CEO is confident that the next bull market is on its way.In an interview session with Bloomberg earlier this week. The CEO of Pantera Capital, Dan Morehead, states that the bear market will end soon.
The Bitcoin price has been on a downtrend throughout 2022. However, Morehead is optimistic that the Bitcoin price will pick up soon. He says:
“If you look at the fundamentals – the number of new wallets created, how much Bitcoin is being sent around the network – it’s doing quite well. We think the bottom is in and it’s just a matter of time until the market corrects and Bitcoin starts going up again.”
Morehead predicts that the next Bitcoin bull market is approaching. He told Bloomberg that;
“There have been three bear market cycles in the past. The most recent one hit its lows in June, and now we are moving into the next bull market. It might not be smooth sailing, but it’s a definite rally.”
He explains that the cryptocurrency industry is prone to market fluctuations. As evidenced by past events such as the 2018 market crash followed by a few years of rapid growth.
The CEO of Pantera Capital, predicts that Bitcoin will continue to rise in price. He estimates that it will go up by about 2.5x each year.
Morehead, on the other hand, thinks that the cryptocurrency market has evolved in recent years and isn’t focused on Bitcoin or Ether any longer.
He stressed that, in the years ahead, numerous additional significant initiatives may spring up in far faster timeframes than Bitcoin. He says;
“Bitcoin isn’t the only big thing anymore. In the past, Bitcoin composed 100% of the market share. For a while, Ethereum was really everything. Today though, there are lots of other projects that matter just as much- if not more! You might’ve seen Bitcoin improve recently, but other altcoins have been growing even faster.”
While Morehead is optimistic that the bull market is approaching, Brian Armstrong believes that the bear market will continue for at least another year. He states;
“We hope that the market will recover within 12 to 18 months, but we have to plan for it to take longer than that. We don’t try to predict the future too much.”
The top cryptocurrencies are down by more than 65% from their all-time highs, with the market capitalization now around $900 billion. Bitcoin, the largest cryptocurrency by market cap, is currently trading at around $8,700.
While some investors have given up on cryptocurrencies altogether, others remain optimistic about the future of the industry. So far in 2020, Bitcoin has gained more than 60% while Ethereum has surged by more than 400%.
Pantera Capital is a leading investment firm focused exclusively on Bitcoin, other digital currencies, and blockchain technologies. The company was founded in 2013 and has offices in San Francisco, New York, and London.
In a recent interview, Pantera Capital’s CEO, Dan Morehead, says that he believes Bitcoin is poised for another bull market. Morehead pointed to the halving event as one of the key factors that could drive Bitcoin prices higher in the coming months.
The halving is a scheduled event that occurs every four years and halves the block reward for miners. This event is significant because it reduces the supply of new Bitcoin entering the market. With less Bitcoin being produced, the law of supply and demand dictates that prices will rise.
Morehead also states that Pantera’s Bitcoin Fund has seen increased interest from institutional investors in recent months.
Do you share Dan Morehead’s view? Let us know what you think in the comment section!
I have been writing copy for blockchain-related projects since 2017. I understand the importance of being able to communicate clearly and effectively with both technical and non-technical audiences. By leveraging my understanding of the crypto industry trends, I can help increase adoption in this rapidly evolving landscape.
