The largest cryptocurrency in the world by market capitalization has been thrown into a state of constant fluctuation. The price of Bitcoin appears to be in constant fluctuations with little or no control. Over the past few days, the bears have taken over the BTC market. Hence, Bitcoin’s performance has been more southbound.
With the steady decline in BTC prices, different reactions have exploded in the cryptocurrency industry. Many people have expressed concern as the price has dropped below the $ 20,000 level.
This limit is completely unexpected for the major cryptocurrency. This is because BTC’s dominance over altcoins is steadily declining, indicating that altcoins are faring better.
However, there are still some Bitcoin supporters who believe that all hope for the token is not lost. For Dan Morehead, CEO of Pantera Capital, BTC will soon have the bulls in action. The CEO believes the drop in Bitcoin’s price is coming to an end as the token will rise rapidly.
The future is brighter for Bitcoin
Dan Morehead, a Bitcoin supporter, recently revealed his opinion during an interview for Bloomberg. He said the future is brighter for BTC as the upside soon overshadows 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 had occurred in the past. The executive cited the 2018 price drop followed by a surprising bullish trend in subsequent years.
The CEO predicted that BTC would rise nearly 2.5 times a year. However, he pointed out that the crypto space has undergone many transformations over the years. So in addition to Bitcoin and Ether, other cryptocurrencies are causing a stir in the industry.
Morehead recalled that the crypto space had had three major bear market cycles. For him, the sequence was that the cryptocurrency market had flattened out by June 2022.
He he has declared that although the current situation still seems difficult and unstable for the crypto asset, it is still a phase that is fading. Hence, Morehead believes the next phase comes with the bulls for a rally.
Different views on the future bull rally
Other participants in the cryptocurrency industry still have different views on a possible bullish trend. For example, Coinbase CEO Brian Armstrong presented his prediction for the cryptocurrency market two weeks ago.
Its stance on the cryptocurrency market is completely different from Morehead’s. Armstrong urged companies to stay afloat as he believes the market decline will last longer.
According to Armstrong, it might be nice to predict the future market situation. However, he thinks the bearish trend will persist for the next 12-18 months.
Featured image from Pexels, charts from TradingView.com