He reminded that such ups and downs are normal and have happened multiple times in the past decade, including the decline in 2018 and the consecutive market boom in the next few years.
“We’ve been through three big bear market cycles. I actually think we hit the lows in June, and we are on to the next bull market. It might be rocky and might take a while, but I think we are on to the next leg of a rally.”Touching upon bitcoin’s future price, Morehead predicted it will continue rising by approximately 2.5x per year. Nonetheless, he claimed that the crypto space has changed recently and does not circulate only around Bitcoin and Ether anymore.
“Bitcoin is no longer everything. There was a time bitcoin was 100% of the market, and for a while, Bitcoin and Ethereum were essentially everything. Now there are many, many really important projects, and you’ve seen bitcoin rally a bit, but the real story is projects other than Bitcoin and Ethereum that rally more.”Two weeks ago, Coinbase’s CEO – Brian Armstrong – also shared his forecast on when the crypto winter will end.