Bitcoin has ended its sideways movement that has been going on for a week below the $20,000 psychological level. The leading cryptocurrency started to rise on September 9 and broke above $21,000. BTC is trading around $21,066 at the time of writing and has gained 9.13% in the last 24 hours. Meanwhile, 2 analysts evaluated the long-term price charts of the leading crypto. Accordingly, they shared 2 different dates that they think the BTC bull market will start.
“Bitcoin has bottomed, rise is near”
Dan Morehead, CEO of K2ripto hedge fund Pantera Capital, shared his expectations for the Bitcoin bull market. According to him, we have already seen the BTC price bottom. Morehead says June’s low prices were the bottom. However, he explains that BTC is overdue for a bear cycle. So, according to the famous CEO, we are now ready for the bull market. So when? Morehead said:
“We’ve been doing this for 10 years and we’ve been through three major bear market cycles. These lasted an average of 220 days. That’s basically what we’re seeing right now in Bitcoin price. If you ask me, we hit the lowest level in June. Now we need to move on to the next bull market. It is extremely possible that this transition was responsible and will take some time. But I think we will move on to the next leg of a rally.”
Asked to reveal his year-end and five-year price target for Bitcoin, the CEO of Pantera Capital says that the flagship crypto asset will maintain an average annual growth rate of 150% “for a period of time.” As we reported on Kriptokoin.com, BTC has gained an average of 2.5x annual value throughout its history. According to Morehead, the leading cryptocurrency will maintain this pace.
“Altcoins will outperform BTC and ETH”
Morehead says crypto assets other than Bitcoin and Ethereum are outperforming in terms of market cap. According to him, the crypto market has evolved and BTC is no longer everything. We have come to the end of the era when BTC and Ether made up almost 100% of the market. According to the expert, there are now very important projects apart from the 2 leading entities. Also, these projects will generate much more returns during the new bull season.
“Bitcoin bull market will not arrive until 2024”
Ken Timsit, CEO of Cronos Labs, another expert, thinks differently from Morehead. Many analysts, including Morehead, expect us to return to bull season in the first half of 2023. However, according to Timsit, the bear-bull cycle changes every 4 years and therefore we have to wait until 2024. While solidifying his theory, the expert also touches on macroeconomic factors. According to him, the tight monetary policy of the FED, the global energy crisis and rising inflation are obstacles for BTC.
Timsit said that for the transition to the bull market, 4 conditions must become suitable. Among these, the decrease in global inflation is the leading one. In second place is the restoration of trust in the DeFi field, which was declining after the Terra collapse. Third, at least 50 million investors need to move from centralized exchanges to decentralized exchanges. Finally, the change in difficulty in Bitcoin mining. According to Timsit, if these things happen, BTC will go into a bull season more easily.
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