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CEO of $4,500,000,000 Crypto Fund Says Bitcoin Has Bottomed Out and Is Ready To Rally – Here Are His Targets

The founder and CEO of crypto asset fund Pantera Capital, Dan Morehead, is expressing bullish sentiment on Bitcoin (BTC).

Morehead says in a Bloomberg interview that Bitcoin bottomed out in June and is on the cusp of a bull market because it has now surpassed the typical interval of a bear cycle.

“You know we’ve been doing this for 10 years and we’ve been by three large bear market cycles. And, on common, they lasted 220 days. That’s principally what we’ve simply had.

I believe we hit the lows in June. We’ll see. And then we’re on to the following bull market. And it could be rocky and would possibly take some time to get going. But I believe that we’re on to the following leg of a rally.”

Asked to disclose his end-of-year and five-year price goal for Bitcoin, the Pantera Capital CEO says that the flagship crypto asset is more likely to keep the typical annual development charge of 150% “for a while.”

“Bitcoin as a proxy for the industry has averaged 2.5x a year for eleven years. So that’s always kind of my standard forecast is that it will probably keep going at that same growth rate for a while.”

Morehead, nonetheless, says that crypto belongings apart from Bitcoin and Ethereum (ETH) are outperforming the 2 greatest digital belongings by market cap.

“Bitcoin is now not all the pieces. There was a time Bitcoin was 100% of the market and, for some time, Bitcoin and Ethereum had been basically all the pieces.

Now there are lots of actually essential tasks. And you’ve seen Bitcoin rally a bit however the actual story is tasks apart from Bitcoin and Ethereum are rallying extra.”

Pantera Capital presently has $4.5 billion in belongings underneath administration.

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Disclaimer: Opinions expressed at The Daily Hodl will not be funding recommendation. Investors ought to do their due diligence earlier than making any high-risk investments in Bitcoin, cryptocurrency or digital belongings. Please be suggested that your transfers and trades are at your individual threat, and any loses you might incur are your accountability. The Daily Hodl doesn’t advocate the shopping for or promoting of any cryptocurrencies or digital belongings, neither is The Daily Hodl an funding advisor. Please notice that The Daily Hodl participates in affiliate internet marketing.

Featured Image: Shutterstock/Smartha

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