Erik Voorhees Prediction When Bitcoin Bull Market Start
ShapeShaft’s CEO claimed bitcoin could rise to $40,000 by this summer if macroeconomic conditions improve.
Erik Voorhees - Chief of ShapeShaft and a candid defender of bitcoin - accepts it could require between a half year and three years before the following crypto bull run happens.
Additionally, he anticipated that the primary cryptocurrency would reach $40,000 by the summer, a 140% increase over its current value.
‘It Won’t be Years’
Voorhees argued that the current crypto winter will not last for another decade in a recent interview with Bankless Shows. However, he added, "probably the whole thing failed" if this is the case.
According to the American, "that's generally how long it takes people's minds to start changing and speculative cycles to return," crypto could enter a bull run as early as half a year.
He thinks that a number of important factors, such as the Federal Reserve's announcement of interest rates, the macroeconomic environment, and the implementation of potential regulations, will have an impact on the market's volatility in the near future.
By the summer, bitcoin could rise to $40,000 if conditions improve. Accepting his figure works out as expected, this would bring about 2.5X benefit for financial backers who choose to enter the biological system 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 mentioned a few serious disasters that wiped out the industry in 2022, such as the demise of centralized businesses like FTX, Three Arrows Capital, Celsius Network, and Voyager Digital. He advised customers to use self-custody methods to safeguard themselves:
"However, this is the most important lesson, as the majority of crypto assets and funds are held by intermediaries: We will never be able to get around the rules that these things were designed to avoid, and we will never be able to trust people."
Other Predictions
Some gauge that the drawn out bear market for bitcoin will end in 2024 when the following BTC splitting will happen. Mark Yusko, CEO of Morgan Creek Capital Management, is one of those who support that thesis, stating:
“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 is of the opinion that this year will see the next bull run. He also believes that price drops are a great time for people to increase their exposure to the primary digital asset.
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