The CEO of the $4,500,000,000 Crypto Fund says Bitcoin has bottomed and is ready to recover – here are his goals

Crypto asset fund Pantera Capital founder and CEO Dan Morehead expresses bullish sentiment on Bitcoin (BTC).

Morehead says in a Bloomberg interview that Bitcoin bottomed in June and is on the cusp of a bull market as it has now surpassed the average length of a bear cycle.

“You know we’ve been doing this for 10 years and we’ve been through three major bear market cycles. And on average they lasted 220 days. That’s basically what we just had.

I think we hit the bottoms in June. We will see. And then we are at the next bull market. And it might be rocky and take a while to get going. But I think we are facing the next leg of a rally.”

When asked if he could disclose his year-end and five-year price target for Bitcoin, the CEO of Pantera Capital said the flagship crypto asset is likely to maintain the 150% compound annual growth rate “for a while.”

“Bitcoin as a proxy for the industry has averaged 2.5x per year for 11 years. So my standard forecast is always that it will probably continue at the same growth rate for a while.”

However, Morehead says that crypto assets other than Bitcoin and Ethereum (ETH) are outperforming the top two digital assets by market cap.

“Bitcoin is not everything anymore. There was a time when bitcoin was 100% of the market, and for a while bitcoin and ethereum were essentially everything.

Now there are a lot of really important projects. And you’ve seen bitcoin recover a bit, but the real story is that projects other than bitcoin and ethereum are recovering more.”

Pantera Capital currently has $4.5 billion in assets under management.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any risky investments in bitcoin, cryptocurrency or digital assets. Please note that you transfer and trade at your own risk and any losses you incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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