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Bitwise CEO says bear markets are moments for making fortunes, projects crypto rally in 2024

Bitwise CEO says bear markets are moments for making fortunes, projects crypto rally in 2024

The 2022 crypto market downturn has impacted the investors’ activity as a majority await on the sidelines for a possible rally before getting involved. However, the current bear market is characterized by massive uncertainty stemming from regulation of the state of the economy, but opinion leaders believe there is a foundation to make profits. 

In particular, Bitwise CEO Hunter Horsley has suggested that despite crypto presenting an opportunity to make money any time, the bear market is ideal for building fortunes, he said during an interview with Bloomberg Technology on October 11. 

Horsley noted that despite the current correction affecting sectors like equities, price movements of assets like Bitcoin (BTC) are borrowing a leaf from a historical trend. 

“While there are opportunities to make money in many moments of the crypto market, bear market moments are the moments where fortunes can be made. And so, some are positioning themselves in the current bear market and coming into the space,” he said.

Possible rally in 2024

Interestingly, the executive pointed out that crypto will likely embark on a new cycle in 2024. According to Horsley: 

“We get four year cycles, we get three years of bull markets with growing momentum, and then we get a bear market year. So 2014, the market was down almost 60%; 2018, the market is down north of 70%; and this year, obviously, the market is down in 2022 by around 60%. The expectation if the market continues its historical trend would be that we begin a new cycle next year.”

It is worth noting that the current market correction has partly been impacted by prevailing macroeconomic factors like inflation and interest rate hikes. In this line, Bitcoin’s status as a hedge against inflation has been tested significantly. 

The crash comes after the sector attracted an influx of institutional investors whose activities have slowed down significantly. 

Notably, Horseley had previously observed an increasing demand for cryptocurrencies from institutions compared to retail investors. 

Watch the full interview below:

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk. 

 

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