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.
Dan Morehead, Chief Executive Officer of Pantera Capital, believes that the bear market is coming to an end. He made this known during an interview with Bloomberg earlier this week.
According to Morehead, the next Bitcoin bull market is on its way. He told Bloomberg that;
“We’ve been through three big bear market cycles. I actually think we hit the lows in June, and we are on to the next bull market. It might be rocky and might take a while, but I think we are on to the next leg of a rally.”
He pointed out that the ups and downs in the cryptocurrency space are normal and have happened multiple times over the last decade, including the decline in 2018 and the consecutive market boom in the next few years.
Discussing Bitcoin’s future price, the Pantera Capital boss predicted that the leading cryptocurrency would continue rising by approximately 2.5x per year.
However, Morehead believes that the cryptocurrency market has changed in recent times and doesn’t revolve around Bitcoin and Ether anymore.
He pointed out that numerous other meaningful projects could develop in much faster temps that Bitcoin over the coming years. He said;
“Bitcoin is no longer everything. There was a time bitcoin was 100% of the market, and for a while, Bitcoin and Ethereum were essentially everything. Now there are many, many really important projects, and you’ve seen bitcoin rally a bit, but the real story is projects other than Bitcoin and Ethereum that rally more.”
While Morehead believes that the bull market is near, Coinbase CEO Brian Armstrong believes that the bear market will be around for another year or so. He said;
“We all hope it’ll be, you know, 12 to 18 months and a nice recovery, but you obviously have to plan for it being longer than that. And so that’s how we think about it. And we don’t try to get too cute about predicting the future.”
Prices of most cryptocurrencies are down by more than 65% from their all-time highs, with the total market cap now below $1 trillion.