Bitcoin’s next bull market is coming

Dan Morehead – CEO of Pantera Capital – believes the crypto winter will soon 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 to fade and people should pay attention to other crypto projects that are “really important”.

Bitcoin’s rally is coming soon

In a recent interview for Bloomberg, the top executive and ardent proponent of cryptocurrency – Dan Morehead – believed 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 several times in the last decade, including the downturn in 2018 and the subsequent market boom in the following years.

“We have been through three major bear market cycles. I actually think we hit the June lows and we’re headed for the next bull market. It may be rocky and may take a while, but I think we are on to the next stage of a rally.

Touching on bitcoin’s future price, Morehead predicted that it will continue to rise by about 2.5 times per year. Nevertheless, he argued that the crypto space has changed recently and doesn’t just revolve around Bitcoin and Ether anymore.

In his view, a number of other meaningful projects may develop at a much faster pace than bitcoin in the near future.

“Bitcoin is no longer everything. There was a time when bitcoin was 100% of the market, and for a while Bitcoin and Ethereum were really everything. Now there are many, many really important projects and you’ve seen bitcoin rally a little bit, but the real story are projects other than Bitcoin and Ethereum that collect more.

Brian Armstrong believes 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 believes this could last over 18 months, and companies should be prepared for the turbulence:

“We’re all hoping it will be, you know, 12 to 18 months and a nice recovery, but obviously you have to plan for it to be longer than that. And that’s how we think about it. And we’re not trying to be too sweet when it is about predicting the future.”

It is worth noting that many entities in the field, including Three Arrows Capital, Celsius, Zipmex and BlockFi, experienced significant problems due to the bear market, as some even stopped withdrawals and deposits on their platforms.