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Bitcoin (
$63,649.00 ) (BTC) will “reassert” itself to deliver over 100% annual BTC price gains, says one of the crypto industry’s major proponents.
In an interview with CNBC airing Oct. 5 and published Oct. 31, Dan Morehead, CEO of hedge fund Pantera Capital, predicted continued crypto expansion.
Morehead: “We could easily see” 40% stocks meltdown
Bitcoin ( $63,649.00 ) closed October up 29%, seeing its second best month of 2023 and returning to 18-month highs in the process.
Eyeing macroeconomic conditions, however, Pantera’s Morehead and others are concerned about another risk asset class — what he describes as “massively overvalued” stocks.
“Equities are overvalued because the P/E is the same level it was when rates were falling, but now rates are much higher and rising,” he told CNBC.
“If you took the 50-year average equity risk premium with a 5.00% 10-year note, equities should be 23% lower than today.”
Morehead referred to changing macro conditions in the U.S., with interest rates at their highest in over twenty years.
“I’m not saying -43% is going to happen overnight, but we have to keep in mind there have been two 13-year periods where equities were flat – in the 2000s and in the 70’s, 80’s,” he continued on the topic.
“We could easily see that again.”
Despite the grim prognosis, Morehead was complimentary of both Bitcoin ( $63,649.00 ) and largest altcoin Ethereum (
$1,908.74 ) (ETH), predicting the former to more than double every year, in line with average performance to date.
“ Bitcoin ( $63,649.00 ) has a 14-year trend growth of 145% a year,” he stated.
“That’s my generic forecast – it will re-assert its trend and will more than double every year.” Bitcoin ( $63,649.00 ) , Ethereum ( $1,908.74 ) quarterly returns (screenshot). Source: CoinGlass
BTC price risks pre-halving collapse
The good times for BTC price performance may only follow a fresh bout of pain for hodlers.
Related: Bitcoin ( $63,649.00 ) beats S&P 500 in October as $40K BTC price predictions flow in
Prior to the 2024 block subsidy halving, some are concerned that a major retracement could enter.
For Filbfilb, co-founder of trading suite DecenTrader, the timing will likely focus on a month before the halving — around March next year.
A month before or so seems the meta.
— filbfilb (@filbfilb) November 1, 2023
Should this come as a result of an equities comedown, the scenario is not clear cut.
As Cointelegraph reported, Bitcoin ( $63,649.00 ) has nonetheless managed to ditch its positive correlation to stocks, something which research firm Santiment this week called a classic early bull market signal.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
