The founder and CEO of crypto asset fund Pantera Capital, Dan Morehead, is expressing bullish sentiment on Bitcoin (BTC).
Morehead says in a Bloomberg interview that Bitcoin bottomed out in June and is on the cusp of a bull market as it has now surpassed the average period of a bear cycle.
“You know we’ve been doing this for 10 years and we’ve been through three big bear market cycles. And, on average, they lasted 220 days. That’s basically what we’ve just had.
I think we hit the lows in June. We’ll see. And then we’re on to the next bull market. And it might be rocky and might take a while to get going. But I think that we’re on to the next leg of a rally.”
Asked to reveal his end-of-year and five-year price target for Bitcoin, the Pantera Capital CEO says that the flagship crypto asset is likely to maintain the average annual growth rate of 150% “for a while.”
“Bitcoin as a proxy for the industry has averaged 2.5x a year for eleven years. So that’s always kind of my standard forecast is that it will probably keep going at that same growth rate for a while.”
Morehead, however, says that crypto assets other than Bitcoin and Ethereum (ETH) are outperforming the two biggest digital assets by market cap.
“Bitcoin is no longer everything. There was a time Bitcoin was 100% of the market and, for a while, Bitcoin and Ethereum were essentially everything.
Now there are many really important projects. And you’ve seen Bitcoin rally a bit but the real story is projects other than Bitcoin and Ethereum are rallying more.”
Pantera Capital currently has $4.5 billion in assets under management.
I
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inboxFeatured Image: Shutterstock/Smartha