Dan Morehead – Chief Executive Officer of Pantera Capital – believes the crypto winter will soon come to an end, and bitcoin’s price will head north again.
He also argued that the supremacy of the two biggest digital assets by market capitalization – BTC and ETH – has started fading, and people should pay attention to other crypto projects that are “really important.”
Bitcoin’s Rally Coming Soon
In a recent interview for Bloomberg, the top executive and a keen cryptocurrency proponent – Dan Morehead – opined that the ongoing crypto winter will soon loosen its grip and will be followed by a subsequent bull market.
He reminded that such ups and downs are normal and have happened multiple times in the past decade, including the decline in 2018 and the consecutive market boom in the next few years.
“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.”
Touching upon bitcoin’s future price, Morehead predicted it will continue rising by approximately 2.5x per year. Nonetheless, he claimed that the crypto space has changed recently and does not circulate only around Bitcoin and Ether anymore.
In his view, numerous other meaningful projects could develop in much faster temps than bitcoin in the near future.
“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.”
Brian Armstrong Thinks the Bull Rally is not That Close
Two weeks ago, Coinbase’s CEO – Brian Armstrong – also shared his forecast on when the crypto winter will end. Unlike Morehead, he thinks this could last for over 18 months, and companies should stay prepared for the turbulence:
“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.”
It is worth noting that numerous entities in the field, including Three Arrows Capital, Celsius, Zipmex, and BlockFi, experienced significant issues because of the bear market, as some even halted withdrawals and deposits on their platforms.