Bitcoin Bull Run
Bitcoin Bull Run The world’s largest cryptocurrency by market capitalization has been placed in a state of perpetual swing. The price of Bitcoin seems to take constant fluctuations with little or no control. For the past few days, bears have taken over the BTC market. Therefore, Bitcoin’s performance has been more southerly.
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With the constant decline in BTC prices, several reactions have erupted in the crypto industry. Many people have expressed concern when the price fell below the $20K level.
This limit is completely unexpected for the leading cryptocurrency. This is because BTC dominance over the altcoins is constantly falling, indicating that the altcoins are outperforming.
However, there are still some Bitcoin supporters 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 is coming to an end as the token will rise rapidly.
Future is brighter for Bitcoin
Dan Morehead, a Bitcoin proponent, recently made his views known during an interview for Bloomberg. He claimed that the future is brighter for BTC as the bull will soon overshadow 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 similar situations have occurred in the past. The executive cited the price drop in 2018 followed by a surprising bullish trend in subsequent years.
The CEO predicted that BTC would rise nearly 2.5 times a year. However, he stressed that the crypto space has undergone 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 order was that the crypto market had leveled off in June 2022.
He stated: that while the current situation still looks difficult and unstable for the crypto assets, it is still a phase that is fading. Therefore, Morehead believes the next stage comes with the bulls for a rally.
Different opinions on future Bull Rally
Other crypto industry participants still have different opinions about a possible bullish trend. For example, Brian Armstrong, the CEO of Coinbase, laid out his prediction for the crypto market two weeks ago.
His attitude towards the crypto market is completely different from Morehead’s. Armstrong called on companies to keep their heads above water, because he thinks the market decline will last longer.
According to Armstrong, it can be nice to predict the future situation for the market. However, he thinks the bearish trend will continue for the next 12 to 18 months.
Featured image from Pexels, charts from TradingView.com