Dan Morehead: Bitcoin rally will be in 6-12 months
CEO Pantera Capital predicts a massive Bitcoin rally in six months to a year.
According to Dan Morehead, the cryptocurrency market is attracting more and more users and is gradually stabilizing. The amplitude of price fluctuations is becoming less and less, but in the next 6-12 months, in his opinion, a sharp increase in the value of the crypto asset is possible.
In his address to investors, the head of Pantera Capital recalled that Bitcoin had previously had two major bear markets. During them, the cryptocurrency lost up to 80% of its value. However, future price cuts will not be so critical.
The prior investment Pantera made before bitcoin was Tesla. We came to believe that Tesla would radically disrupt the transportation and energy markets.— Dan Morehead (@dan_pantera) April 13, 2022
But in 2013, we exchanged all of our Tesla stock for #bitcoin — the biggest disruption of our era.https://t.co/JKVGi8TiVr pic.twitter.com/H97bWTJGEr
This is being tracked right now. The last two bear markets have resulted in a 61% and 54% decline in the price of the crypto asset. The current one led to a drop of 56%, but that is in the past.
Now, according to Morehead, the market has entered a new round of Bitcoin growth. However, one should not expect a sharp price rally - up to 100 or more X's. The cryptosphere will develop without sharp jerks. After all, investors redistribute funds, releasing them from securities (stocks, bonds) and real estate in order to invest in more profitable products.
Recall that in March, Morehead suggested that the value of BTC will grow 10 times over the next 5 years. Its price will reach $400 thousand. This growth will be associated with a large influx of institutional investment in the cryptosphere.
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