Why Dan Morehead Thinks Bitcoin Bull Run Is Around the Corner
The world’s largest cryptocurrency by market capitalization has been thrown into a state of continuous swing. The price of Bitcoin seems to record constant fluctuations with little or no control. Over the past few days, the bears have taken the upper hand in the BTC market. Therefore, Bitcoin’s performance has been more in a southern direction.
With the constant decline in BTC prices, various reactions have erupted in the crypto industry. Many have expressed concern when the price went below the $20K level.
This limit is completely unexpected for the leading cryptocurrency. This is because BTC dominance over altcoins is constantly decreasing, indicating that altcoins are performing better.
However, there are still some supporters of Bitcoin who believe that all hope for the token is not lost. For Pantera Capital CEO Dan Morehead, BTC will soon have the bulls in action. The CEO believes that the price decline for Bitcoin will end as the token will quickly increase.
The future is brighter for Bitcoin
Dan Morehead, a Bitcoin supporter, recently revealed his opinion during an interview for Bloomberg. He maintained that the future is brighter for BTC as the bull will soon eclipse the current bearish trend.
According to the CEO, it is a normal experience to have back and forth trends in the market. He mentioned that there had been an occurrence of such similar situations in the past. The manager cited the price decline in 2018 followed by a surprisingly bullish trend in subsequent years.
The CEO predicted that BTC would rise almost 2.5 times annually. However, he emphasized that the crypto space had seen a lot of transformation over the years. So, besides Bitcoin and Ether, other cryptocurrencies are making waves in the industry.
Morehead recalled that the crypto space had had three prominent bear market cycles. For him, the sequence was that the crypto market had flattened by June 2022.
He stated that although the current situation still looks difficult and unstable for the crypto asset, it is still a disappearing stage. Therefore, Morehead believes the next phase will bring the bulls for a rally.
Different opinions about the Bull Rally of the future
Other participants in the crypto industry still have different opinions about a possible bullish trend. For example, Coinbase CEO Brian Armstrong released his prediction for the crypto market two weeks ago.
His stance on the crypto market is completely different from Morehead’s. Armstrong urged firms to stay afloat as he believes the downturn in the market will last longer.
According to Armstrong, it can be nice to predict the future situation of the market. However, he believes the bearish trend will persist for the next 12 to 18 months.
Featured image from Pexels, charts from TradingView.com
