Dan Morehead, CEO of Pantera Capital, believes that soon the cryptocurrency “winter” will come to an end, and the bitcoin rate will rush up – it will grow by about 2.5 times in a year.
In an interview with Bloomberg, Dan Morehead said that Bitcoin is preparing for a new bull run. Despite the long decline in the cryptocurrency market, Morehead is optimistic. He recalled that the ups and downs of crypto assets are a completely normal phenomenon in the market. Morehead cited the market downturn in 2018 as an example, followed by a bullish trend in the coming years. According to his forecasts, Bitcoin will grow by about 2.5 times in a year.
“We have gone through three big market down cycles. I think we made a low in June and now the market is preparing to rise. Of course, it will not be easy and may take some time, but we are in the next phase of the rally,” said Morehead.
The director of Pantera Capital noted that the superiority of the two largest cryptocurrencies – bitcoin and ether – has begun to weaken, so investors should pay attention to other crypto assets. Many significant projects can develop much faster. Gone are the days when bitcoin took 100% of the cryptocurrency market and then shared it with ether, according to Morehead. Now these giants are being replaced by other useful projects whose concept is different from Bitcoin and Ethereum.
Recently, economist Peter Schiff also drew attention to the fact that the Bitcoin dominance index in the digital asset market fell to 38.1%, which was the lowest since June 2018. Galaxy Digital CEO Michael Novogratz disagrees with Morehead’s expectations. He believes that by the end of the year, Bitcoin will balance between $20,000 and $30,000.
Source: Bits
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