Erik Voorhees – CEO of ShapeShaft and an outspoken proponent of bitcoin – believes it could take between six months and three years before the next crypto bull run occurs.
He also predicted that the primary cryptocurrency could surge to $40,000 by the summer, representing a 140% increase compared to current valuations.
‘It Won’t be Ten Years’
In a recent interview for Bankless Shows, Voorhees argued that the reigning crypto winter will not last for another decade. However, if this is the case, then “probably the whole thing failed,” he added.
The American thinks crypto could enter into a bull run as early as half a year since “that’s generally how long it takes people’s minds to start changing and speculative cycles to return.”
He believes the volatility of the market in the near future will depend on multiple key factors, including the interest rates announced by the Federal Reserve, the macroeconomic environment, and the implementation of possible regulations.
If conditions improve, bitcoin could soar to $40,000 by the summer. Assuming his forecast comes true, this would result in 2.5X profit 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 held high and monetary conditions are tighter, it’s going to be a headwind. That’ll start changing in early to mid [2023]. So I wouldn’t be surprised if bitcoin was at like $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 return.”
Voorhees touched upon some severe catastrophes that shuttered the industry in 2022, such as the collapse of centralized organizations (with FTX, Three Arrows Capital, Celsius Network, and Voyager Digital). He advised consumers to protect themselves by relying on self-custody methods:
“But that lesson is really the one because if the majority of crypto funds and crypto wealth reside with intermediaries: A) we will never escape the regulation that this stuff is meant to escape, and B) we will never escape the need to trust humans.”
Other Predictions
Some estimate that the prolonged bear market for bitcoin will end in 2024 when the next BTC halving will occur. One proponent of that thesis is Mark Yusko – CEO of Morgan Creek Capital Management – who said:
“Then when we get to summer, that’s when we’ll get the next speculative move, and guess is that will come in anticipation of the next halving in 2024.”
Hunter Horsley – CEO of Bitwise – believes the 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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