- CEO of Pantera Capital Dan Morehead predicts a “massive rally as investors flee stock, bond, and real estate markets” for crypto.
- Morehead said BTC price swings will become moderate as the market becomes larger.
- However, the CEO said BTC “won’t see the 100x rallies anymore either.”
The chief of a major American hedge fund thinks that Bitcoin (BTC) won’t be seeing a massive bear or bull market from now on. This means that the largest cryptocurrency’s movement will be less volatile moving forward.
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Pantera Capital CEO Dan Morehead shared his views about the major Bitcoin price cycles in a blog post. Morehead said that the more institutional ownership of the flagship cryptocurrency and its coin having a higher market value will eventually result in moderate price swings.
Morehead explained further:
“While we’ve had two -80% bear markets already, I believe those are a thing of our primordial past. Future bear markets will be shallower. The previous two have been -61% and -54%… Unfortunately, there’s no free lunch. The flipside is we probably won’t see the 100x rallies anymore either.”
Morehead asserted that we’re done with the current bear market and Bitcoin will be moving into a new rally cycle.
“The next 6-12 months are likely to see a massive rally as investors flee stock, bond, and real estate markets – for blockchain,” he added. He also showed data on Bitcoin’s bull and bear markets price increase and decline since November 2011.
Source: Pantera Capital
The company’s highest-ranking executive also mentioned that BTC was 56% below the 11-year exponential growth trend. He believes that the Bitcoin market has been “rarely” cheap according to the trend.
At the time of writing, Bitcoin (BTC) price is trading at $40,400.00, as per CoinMarketCap. It has more than $768 billion in market capitalization.
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