Pantera Capital’s founder and chief executive officer, Dan Morehead, has a strong outlook on Bitcoin (BTC).
In an interview with Bloomberg, Morehead states that Bitcoin hit rock bottom in June and is now on the edge of a bull market, having exceeded the typical duration of a bear market.
“I believe the lowest point was in June. We’ll see. Then comes the subsequent bull market. And it may be rough and take some time to get going. But I believe we’ve reached the next stage of a rally.”
When asked about his end-of-year and five-year price targets for Bitcoin, the CEO of Pantera Capital said that the leading cryptocurrency asset is expected to continue an annual growth rate of 150% “for a while.”
“Bitcoin as an industry proxy has grown 2.5x a year for 11 years. So, my typical prediction is that this growth rate will likely continue for some time.
According to Morehead, cryptocurrencies other than Bitcoin and Ethereum (ETH) are outpacing the two largest digital assets by market capitalization.
“Bitcoin is no longer indispensable. Bitcoin once comprised the whole of the market, and for a while, Bitcoin and Ethereum were almost everything.
Currently, there are several really vital initiatives. And you’ve seen Bitcoin climb a little, but the true story is that other projects are surging more than Bitcoin and Ethereum.” Pantera Capital is presently managing $4.5 billion in assets.