The world’s largest cryptocurrency by market cap has been thrown into a state of continuous swing. The price of Bitcoin seems to record constant fluctuation without little or no control. Over the past few days, the bears have been taking the upper hand in the BTC market. Hence, Bitcoin’s performance has been more in the south direction.
With the constant decline of BTC prices, different reactions have erupted in the crypto industry. Many people have been expressing concerns as the price went below the $20K level.
This limit is entirely unexpected for the leading cryptocurrency. This is because the BTC dominance over the altcoins is continuously dropping, indicating that the altcoins are performing better.
However, there are still some supporters of Bitcoin who believe that all hope for the token is not lost. For Pantera Capital CEO Dan Morehead, BTC will soon have the bulls in action. The CEO believes that the price decline for Bitcoin is ending as the token will quickly rally.
Future Is Brighter For Bitcoin
Dan Morehead, a Bitcoin proponent, recently disclosed his opinion during an interview for Bloomberg. He maintained that the future is brighter for BTC as the bull will soon overshadow the current bearish trend.
According to the CEO, it’s a normal experience to have back-and-forth trends in the market. He mentioned that there had been an occurrence of such similar situations in the past. The executive cited the 2018 price decline followed by a surprising bullish trend in subsequent years.
The CEO forecasted that BTC would surge almost by 2.5 times yearly. However, he stressed that the crypto space had experienced lots of transformation over the years. So, besides Bitcoin and Ether, other cryptocurrencies are making waves in the industry.
Morehead recalled that the crypto space had had three prominent bear market cycles. For him, the sequence was that the crypto market had flattened by June 2022.
He stated that though the current situation still looks hard and unstable for the crypto asset, it’s still a stage that is fading. Hence, Morehead believes the next phase comes with the bulls for a rally.
Different Opinions On Future Bull Rally
Other participants in the crypto industry still have different opinions about a possible bullish trend. For example, Brian Armstrong, the CEO of Coinbase, laid out his prediction for the crypto market two weeks ago.
His stance concerning the crypto market is entirely different from that of Morehead. Armstrong called on firms to stay afloat as he believes the decline in the market will last longer.
According to Armstrong, it could be pleasant to forecast the future situation for the market. However, he thinks the bearish trend will linger for the next 12 to 18 months.
Featured image from Pexels, charts from TradingView.com