The world’s largest cryptocurrency by market cap has been in a constant swing state. It seems that the price of bitcoin is registering a constant fluctuation with little or no control. For the past few days, bears have been taking the lead in the BTC market. Therefore, the performance of bitcoin has been more in the south direction.
With BTC prices steadily declining, various reactions have emerged in the crypto industry. Many are expressing concern as the price has moved below the $20K level.
This threshold is completely unexpected for the leading cryptocurrency. This is because BTC dominance over altcoins continues to decline, indicating that altcoins are outperforming.
However, there are still some supporters of bitcoin who believe that all hope is not lost for the coin. For Dan Morehead, CEO of Pantera Capital, BTC will soon have bulls. The CEO believes that the decline in the price of bitcoin is coming to an end as the coin will rally rapidly.
The future is bright for bitcoin
Bitcoin proponent Dan Morehead recently revealed his opinion during an interview for Bloomberg. He added that the future is bright for BTC as the bulls will soon take over the current bearish trend.
According to the CEO, it is a common experience to have back-and-forth trends in the market. He said similar incidents had happened in the past as well. The executive cited the 2018 price drop and the surprising bullish trend in subsequent years.
The CEO predicted that BTC would increase by about 2.5x annually. However, he stressed that the crypto space has experienced a lot of change over the years. Therefore, apart from bitcoin and ether, other cryptocurrencies are making waves in the industry.
Morehead recalled that there were three major bear market cycles in the crypto space. For them, the sequence was that the crypto market had flattened by June 2022.
He added that although the current situation still looks difficult and volatile for the crypto asset, it is still a phase that is fading. Hence, Morehead believes that the next phase comes with the bulls rallying.
Different Opinions on Future Bull Rally
Other participants in the crypto industry still have differing opinions regarding the potential bullish trend. For example, Brian Armstrong, CEO of Coinbase, made his predictions for the crypto market two weeks ago.
His stance on the crypto market is completely different from Morehead’s. Armstrong called on firms to stay away as he believes the market downturn will be prolonged.
According to Armstrong, it can be pleasant to predict the future position for the market. However, he feels that the bearish trend will continue for the next 12 to 18 months.
Featured image from Pexels, charts from TradingView.com