The world’s largest cryptocurrency by market cap has been thrown into a state of continuous swing. Bitcoin prices seem to be in constant flux, with little to no control. In the BTC market, bears have held the lead for the past few hours. Hence, Bitcoin’s performance has been more in the south direction.
There have been many reactions in the crypto sector to the continuing decline of BTC’s prices. As the BTC price fell below $20K, many people expressed concern.
The limit is not surprising for the leader cryptocurrency. The reason for this is that BTC’s dominance is steadily declining over altcoins, which indicates that altcoins have been performing better.
There are still supporters of Bitcoin that believe all is possible for this token. Pantera Capital CEO Dan Morehead believes that BTC will soon see the bulls at work. According to the CEO, the decline in Bitcoin’s price is over as Bitcoin will soon rally.
Future Is Brighter For Bitcoin
In an interview with Bloomberg, Dan Morehead, who is a Bitcoin advocate, shared his views recently. According to him, the future looks brighter for Bitcoin as the bull will quickly overshadow current bearish trends.
According to the CEO, it’s a normal experience to have back-and-forth trends in the market. The CEO mentioned similar instances in the past. An executive mentioned the price fall in 2018 and an unusual bullish trend for subsequent years.
According to the CEO, BTC will grow by almost 2.5 times per year. He stressed however that crypto has seen a lot of change over the past years. The industry is seeing other cryptos, in addition to Bitcoin and Ether.
Morehead remembered that there had been three major bear markets in crypto. He said that by June 2022, the crypto market was flattened.
He stated that though the current situation still looks hard and unstable for the crypto asset, it’s still a stage that is fading. Morehead also believes that bulls are on the way to a new phase.
There are many opinions on the future bull rally
Others in the cryptocurrency industry have differing opinions on a potential bullish trend. Brian Armstrong, CEO at Coinbase, made his predictions for the crypto markets two weeks ago.
He has a completely different stance on the cryptocurrency market than Morehead. Armstrong urged firms to remain afloat because he thinks the market’s decline will continue for longer.
Armstrong believes it would be pleasant to predict the future market situation. Armstrong believes that the bearish trend for the market will continue over the next 12-18 months.
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