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Why Dan Morehead Believes Bitcoin Bull Run Is Around The Corner

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Why Dan Morehead Believes Bitcoin Bull Run Is Around The Corner
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The world’s largest cryptocurrency by market cap has been thrown into a state of continuous swing. The price of Bitcoin seems to record constant fluctuation without little or no control. Over the past few days, the bears have been taking the upper hand in the BTC market. Hence, Bitcoin’s performance has been more in the south direction.

With the constant decline of BTC prices, different reactions have erupted in the crypto industry. Many people have been expressing concerns as the price went below the $20K level.

This limit is entirely unexpected for the leading cryptocurrency. This is because the BTC dominance over the altcoins is continuously dropping, indicating that the altcoins are performing better.

However, there are still some supporters of Bitcoin who believe that all hope for the token is not lost. For Pantera Capital CEO Dan Morehead, BTC will soon have the bulls in action. The CEO believes that the price decline for Bitcoin is ending as the token will quickly rally.

Future Is Brighter For Bitcoin

Dan Morehead, a Bitcoin proponent, recently disclosed his opinion during an interview for Bloomberg. He maintained that the future is brighter for BTC as the bull will soon overshadow the current bearish trend.

According to the CEO, it’s a normal experience to have back-and-forth trends in the market. He mentioned that there had been an occurrence of such similar situations in the past. The executive cited the 2018 price decline followed by a surprising bullish trend in subsequent years.

The CEO forecasted that BTC would surge almost by 2.5 times yearly. However, he stressed that the crypto space had experienced lots of transformation over the years. So, besides Bitcoin and Ether, other cryptocurrencies are making waves in the industry.

Morehead recalled that the crypto space had had three prominent bear market cycles. For him, the sequence was that the crypto market had flattened by June 2022.

He stated that though the current situation still looks hard and unstable for the crypto asset, it’s still a stage that is fading. Hence, Morehead believes the next phase comes with the bulls for a rally.

Different Opinions On Future Bull Rally

Other participants in the crypto industry still have different opinions about a possible bullish trend. For example, Brian Armstrong, the CEO of Coinbase, laid out his prediction for the crypto market two weeks ago.

His stance concerning the crypto market is entirely different from that of Morehead. Armstrong called on firms to stay afloat as he believes the decline in the market will last longer.

Bitcoin currently trades in red zone l BTCUSDT on Tradingview.com

According to Armstrong, it could be pleasant to forecast the future situation for the market. However, he thinks the bearish trend will linger for the next 12 to 18 months.

Featured image from Pexels, charts from TradingView.com

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Post-Merge Threatens Ethereum (ETH) Price?

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Ethereum (Eth) Price Down By 8% Despite Merge Developments
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  • After Merge, Ethereum reached the $1,200 price range.
  • ETH decreased by over 7% in the last 7 days and 25% in the previous month.

Ethereum (ETH), which was anticipated to regain $2,000 levels following its Merge upgrade, was drifting to the $1,327 level. Additionally, ETH reached the $1,200 price range on Wednesday. The Merge was done on September 15 of this month, switched from a proof-of-stake (PoS) mechanism to Proof-of-Work (PoW) consensus to make Ethereum more energy-efficient.  

Unexpectedly, there is a major twist for everyone, the merge effects were turned down. Over the last ten days, Ethereum’s price fell dramatically on the market. Additionally, the Ethereum market cap has dropped significantly to over $162 billion, with a stable trading volume of roughly $18 billion over the past day, as per coinmarketcap.

Hurting Over Ethereum

The price range of Ethereum has recently outperformed Bitcoin (BTC) in the market by a wide margin. It is due to the anticipation and excitement around Ethereum’s Merge upgrade. Also, the price of ETH was in a bullish trend, the price range of $1,600 started rising steadily to the $1800 mark.

Within 24 hours of the Merge implementation, Ethereum’s price decreased by below $1,500. This unfavorable effect of the price decline became a notable disappointment for both the whole market and the users.

However, after reaching the closing price of $1,252 on Wednesday, Ethereum slightly increased in back-to-back periods. Less than 24 hours after trading at a low of $1,252, ETH increased to a high of $1,346 on Thursday.

Moreover, Ethereum’s price was down by over 7% in the last 7 days and more than 25% in the previous month. At the time of writing, ETH traded at $1,327, as per CoinMarketCap.

Ethereum (ETH) price chart (Source: Tradingview)

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Robert Kiyosaki Declares the End of Fake Money

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Robert Kiyosaki Recommends Investors To Turn On Bitcoin
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