The Bitcoin price (BTC/USD) is likely to start “start growing back up again” in the next couple of weeks, according to cryptocurrency investor Dan Morehead.
In an interview with CNBC on Thursday, Morehead, who is the founder and chief executive officer of Pantera Capital, described the cryptocurrency space as a “very speculative market” that was “volatile on the upside” and “can be volatile on the downside”. But he also noted that Bitcoin’s previous bear market cycles had on average lasted 71 days, adding that “we're 52 days into” the current bear cycle.
“It seems like another couple of weeks and everything will be normal and [bitcoin] can start growing back up again," Morehead said, as quoted by CNBC.
When asked about what the drivers of this new wave of growth would be, he highlighted the significant interest from institutional investors.
"There's such an institutional appetite to get exposure to this," Morehead said. “It's a half-a-trillion-dollar asset class that nobody owns. That's a pretty wild circumstance.”
In December, Morehead predicted that the Bitcoin price could fall by 50% before the next big surge.
As of 10:54 GMT on Friday, the Bitcoin price stood at $8,283.71, slightly higher from its Thursday close of $8,265.59. The most popular cryptocurrency on the market has lost 1.4% of its value in the past 24 hours, according to data from digital currency tracker Coinmarketcap. Its total market capitalisation currently stands at $139.6 billion.
For further information on how to buy and trade Bitcoin, see our comprehensive Bitcoin guide.