Dan Morehead: 'Bitcoin (BTC) 3-Year Bull Market Has Already Begun'

▲ Bitcoin (BTC), Gold, Dollar (USD)

A forecast from the Wall Street crypto investment industry suggests that Bitcoin (BTC)'s next three-year bull market has already begun.

According to The Street on September 2 (local time), Dan Morehead, founder and CEO of Pantera Capital, claimed in a Bloomberg Crypto interview that Bitcoin has entered a new long-term upward cycle. He stated, "Bitcoin will start to rise from the end of this year. The next three-year bull market has already begun." He further emphasized, "There's no reason not to believe in the four-year cycle."

Morehead cited increased US government fiscal spending and a decline in currency value as key drivers for the rise. He explained that if the government continues to increase the money supply, funds are more likely to move into scarce assets like Bitcoin. He said, "If the government continues to print money and devalue paper currency, scarce assets like Bitcoin and other cryptocurrencies will perform very well."

He also highlighted changes in US Treasury policy. As US Treasury Secretary Scott Bessent pushes for expanded bond buybacks, expectations have grown that dollar liquidity could support risk assets. Morehead assessed that the recent Treasury announcement might be one of the factors that triggered Bitcoin's upward movement.

However, Morehead pointed out that bond buybacks alone cannot solve the fundamental fiscal problems of the US government. Instead, he views policy responses as an indication of how significant America's debt and fiscal burden are. He argued that Bitcoin should be seen as a macroeconomic asset that responds to government debt and changes in currency value, rather than merely a speculative asset.

Morehead's outlook is based on the judgment that Bitcoin's four-year cycle remains valid. The logic is that in an environment of continued increased government spending and money supply, assets with limited supply become relatively more attractive than fiat currencies. His assertion that the next three-year bull market has already begun focuses on monetary policy and government debt as key variables that will determine Bitcoin's long-term trend.

[Article Key Summary]

-Dan Morehead predicted that Bitcoin's next three-year bull market has already begun, with the upward trend intensifying from the end of this year.

-He identified increased US government fiscal spending, a decline in currency value, and increased liquidity as key drivers for Bitcoin's bull run.

-He assessed that the Treasury's expanded bond buybacks support short-term liquidity but do not solve the US's fundamental fiscal problems.

*Disclaimer: This article is for investment reference only, and we are not responsible for investment losses based on it. The content should be interpreted for informational purposes only.*