Renowned asset management company Pantera Capital’s CEO Dan Morehead recently shared his views on the current crypto market conditions and said that the crypto winter will soon end with bitcoin’s price moving north.
Dan Morehead, a top executive and ardent supporter of cryptocurrencies, recently gave an interview to Bloomberg in which he expressed his opinion that the current crypto winter will soon be followed by a subsequent bull market.
He emphasized that such ups and downs, including the downturn in 2018 and the subsequent market boom in the following few years, are common and have occurred multiple times in the past ten years.
“We’ve been through three big bear market cycles. I actually think we hit the lows in June, and we are on to the next bull market. It might be rocky and might take a while, but I think we are on to the next leg of a rally,” he stated.
Regarding bitcoin’s price in the future, Morehead predicted that it will continue to increase by roughly 2.5 times yearly.
Morehead: BTC, ETH dominance is slowly fading
Additionally, Morehead claimed that the dominance of BTC and ETH, the two largest digital currencies by market cap, has begun to fade and that instead, people should focus on other crypto projects that are “really important.” He believed that in the near future, many more worthwhile initiatives may emerge in much shorter periods of time than bitcoin. He stated:
“Now there are many, many really important projects, and you’ve seen bitcoin rally a bit, but the real story projects other than Bitcoin and Ethereum that rally more.”
The CEO of Coinbase, Brian Armstrong, also provided his prediction for when the crypto winter will be over two weeks ago, as TheCoinRise reported. He differs from Morehead and believes that it might persist for more than 18 months, therefore companies should be ready for the turbulence.