Erik Voorhees predicts when the next Bitcoin bull market will begin

Erik Voorhees predicts when the next Bitcoin bull market will begin

Erik Voorhees – CEO of ShapeShaft and outspoken supporter of Bitcoin – believes it could take anywhere from six months to three years for the next crypto bull run to take place.

He also predicted that the primary cryptocurrency could rise to $40,000 by the summer, a 140% increase compared to current valuations.

“It won’t be ten years”

In a recentinterviewFor Bankless Shows, Voorhees argued that the prevailing crypto winter will not last another decade. However, if this is the case, then “the whole thing has probably failed,” he added.

The American believes that crypto could enter a bull run in as little as six months, as “generally that’s how long it takes for people’s minds to change and speculative cycles to return.”

He believes that the volatility of the market in the near future will depend on several key factors, including interest rates announced by the Federal Reserve, the macroeconomic environment and the implementation of possible regulations.

If conditions improve, Bitcoin could rise to $40,000 by summer. Assuming his prediction comes true, this would result in a 2.5x gain for investors who decide to enter the ecosystem now:

"It also has a lot to do with the macro environment. As long as interest rates are kept high and monetary conditions are tighter, there will be headwinds. That will change in early to mid [2023]. So I wouldn't be surprised if Bitcoin was around $40,000 by the summer. That wouldn't surprise me at all. And that's like 2.5x from here. So it's a great comeback."

Erik Voorhees, CNN

Voorhees addressed some major disasters that brought the industry to a standstill in 2022, such as the collapse of centralized organizations (withFTXThree arrows capital,Celsius NetworkandVoyager Digital). He advised consumers to protect themselves by relying on self-storage methods:

“But this lesson is really the right one, because if the majority of crypto funds and crypto wealth is with intermediaries: A) we will never escape the regulation that this stuff is supposed to escape, and B) we will never escape the need to trust people.”

Other predictions

Some estimate that the ongoing bear market for Bitcoin will end in 2024, when the next BTC halving will take place. A proponent of this thesis is Mark Yusko – CEO of Morgan Creek Capital Management – ​​whosaid:

“Then as we get into the summer we will take the next speculative step, and I estimate that will come in anticipation of the next halving in 2024.”

Hunter Horsley – CEO of Bitwise –believesThe next bull run will happen this year, adding that price declines are a great opportunity for people to increase their exposure to the primary digital asset.

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