In an interview, Dan Morehead, Founder of Pantera Capital, spoke about his bullish stand on the bitcoin market. He spoke bullish and convinced on bitcoin this period and said we were onto another bull run.
Dan talked about the trend of increase in the bitcoin market ever since the first bitcoin halving to the last. This period always saw an increase in bitcoin’s price. It increased the growth rate of bitcoin by 2.5x, causing the price of bitcoin to keep surging.
Dan’s Target For the Bull Run
He targeted a 150% increase in bitcoin price to over $100,000 this coming bull run. This was the price speculation from last year to the beginning of this year. However, due to the bear market, bitcoin attained a price of $69,000 before dipping to $19,000.
Dan said that this bitcoin run has existed for ten years and has seen three bear seasons. Furthermore, bitcoin hit its lowest low in June, and we were on our way to a bull run. He noted that it would be rocky and not all highs, but the next bull run was here.
Dan pointed out that Bitcoin has more competitors in the market. At a time, bitcoin ran 100% of the market during and after its launch. Years later, it was down to bitcoin and Ethereum.
This isn’t the case anymore, as many altcoins have outperformed bitcoin, solving all the issues bitcoin had. “Bitcoin is no longer everything,” he said.
Reactions To The Bull Run’s Prediction
In the interview comments, many concurred with this speculation, showing excitement for this next bull run. Some expressed gratitude for him being candid and giving a straightforward answer to the future of bitcoin.
However, a technical analyst rolled out his opinion to counter this prediction. He said not all bear markets operate in the same way that is speculated. It is perceived that BTC has to perform well in a four-year circle, and any mention of “bear” means dip.
However, he said it is more complicated than the four-year process we all believe affects the market. There are more that affect the stability of the market and are ignored. He concluded by saying we should let the market do its thing and have a long-term horizon.