The founder and CEO of crypto asset fund Pantera Capital, Dan Morehead, is expressing bullish sentiment on Bitcoin (BTC).
Morehead says in a Bloomberg interview that Bitcoin bottomed out in June and is on the cusp of a bull market because it has now surpassed the typical interval of a bear cycle.
“You know we’ve been doing this for 10 years and we’ve been by way of three massive bear market cycles. And, on common, they lasted 220 days. That’s principally what we’ve simply had.
I feel we hit the lows in June. We’ll see. And then we’re on to the subsequent bull market. And it could be rocky and would possibly take some time to get going. But I feel that we’re on to the subsequent leg of a rally.”
Asked to disclose his end-of-year and five-year worth goal for Bitcoin, the Pantera Capital CEO says that the flagship crypto asset is prone to preserve the typical annual progress charge of 150% “for some time.”
“Bitcoin as a proxy for the trade has averaged 2.5x a 12 months for eleven years. So that’s all the time type of my normal forecast is that it’ll most likely preserve going at that very same progress charge for some time.”
Morehead, nevertheless, says that crypto property aside from Bitcoin and Ethereum (ETH) are outperforming the 2 largest digital property by market cap.
“Bitcoin is now not the whole lot. There was a time Bitcoin was 100% of the market and, for some time, Bitcoin and Ethereum have been basically the whole lot.
Now there are various actually vital tasks. And you’ve seen Bitcoin rally a bit however the actual story is tasks aside from Bitcoin and Ethereum are rallying extra.”
Pantera Capital at the moment has $4.5 billion in property underneath administration.
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