CEO of $4,500,000,000 Crypto Fund Says Bitcoin Has Bottomed Out and Is Ready to Rally – Here Are His Goals
The founder and CEO of crypto asset fund Pantera Capital, Dan Morehead, expresses 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 as it has now surpassed the average period of a bear cycle.
“You know we’ve been doing this for 10 years and we’ve been through three major bear market cycles. And on average they lasted 220 days. That’s basically what we just had.
I think we bottomed out in June. We’ll see. And then we’re on to the next bull market. And it can be rocky and can take a while to get going. But I believe that we are on to the next stage of a rally.
When asked to reveal his year-end and five-year price target for Bitcoin, the CEO of Pantera Capital says the flagship crypto-asset is likely to maintain its 150% average annual growth rate “for a while.”
“Bitcoin as a proxy for the industry has averaged 2.5x a year for eleven years. So that’s always kind of my default forecast is that it’s probably going to continue at that same growth rate for a while.”
However, Morehead says crypto assets other than Bitcoin and Ethereum (ETH) are outperforming the two largest digital assets by market capitalization.
“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 really important projects. And you’ve seen Bitcoin rally a bit, but the real story is that projects other than Bitcoin and Ethereum are rallying more.
Pantera Capital currently has $4.5 billion in assets under management.
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