Dan Morehead, CEO of Pantera Capital, a well-known American cryptocurrency fund, believes that the “bitter winter” will soon pass. He also said that “Bitcoin is brewing a rebound”, and he is optimistic that Bitcoin will start another upward trend again. And it will rise about 2.5 times every year.
He also feels that the dominance of Bitcoin and Ethereum has begun to loosen, and investors should pay more attention to other “very important” cryptocurrency projects.
Bitcoin rebound is expected
In a recent interview with Bloomberg, Dan Morehead pointed out that the crypto winter is coming to an end and a bull market will follow.
He reminded that the unpredictable ups and downs of bull-bear cycles are normal, and that the cryptocurrency market has also experienced multiple booms and busts over the past 10 years:
We have experienced three major bear market cycles. In fact, I think the cryptocurrency market bottomed out back in June and we are now entering the next bull market. It might be tough and it might take a while, but I think we’re entering the next rally.
When it comes to Bitcoin’s future price action, Dan Morehead predicts that Bitcoin will rise about 2.5 times per year. Nonetheless, he claims that the cryptocurrency space has changed recently and the focus is no longer just around Bitcoin and Ethereum.
In his opinion, many other meaningful projects may develop rapidly in the near future, and even faster than Bitcoin:
Bitcoin is no longer everything. There was a time in the past when Bitcoin’s market share was almost 100%, and then Bitcoin and Ethereum dominated the market at the same time. Now, there are many, many, very important projects, and you’ve seen Bitcoin rally, but the real story is that projects other than Bitcoin and Ethereum have rebounded more strongly.
Coinbase CEO: Bear market will continue for another year to a year and a half
About two weeks ago, Coinbase CEO Brian Armstrong also shared his thoughts on the crypto winter. Unlike Dan Morehead, he believes that the bear market will last at least a year to a year and a half, but is not expected to exceed 18 months, and then the cryptocurrency market will enter a recovery phase.
Still, he cautioned that it is still difficult to accurately predict the market outlook:
We all hope that the bear market will last 12 to 18 months before a recovery, but you obviously have to prepare for a longer bear market. That’s what we think.
Galaxy Digital CEO: There will be no ‘big bull market’ this year
On the other hand, Mike Novogratz, founder and CEO of cryptocurrency bank Galaxy Digital, predicts that Bitcoin will fluctuate back and forth below $30,000 in the short term.
From the current macro environment, Mike Novogratz also believes that with the Federal Reserve tightening interest rate policy, investor sentiment is not as frenetic as in 2021 and 2017, so he does not expect any major bull market in the cryptocurrency market this year.