100%+ BTC price gains? Bitcoin faces 'massively overvalued' stocks
Bitcoin (BTC) will “reassert” itself to deliver over 100% annual BTC price gains, says one of the crypto industry’s major proponents.
In an interview with CNBC airing Oct. 5 and published Oct. 31, Dan Morehead, CEO of hedge fund Pantera Capital, predicted continued crypto expansion.
Bitcoin closed October up 29%, seeing its second best month of 2023 and returning to 18-month highs in the process.
Eyeing macroeconomic conditions, however, Pantera’s Morehead and others are concerned about another risk asset class — what he describes as “massively overvalued” stocks.
“Equities are overvalued because the P/E is the same level it was when rates were falling, but now rates are much higher and rising,” he told CNBC.
Morehead referred to changing macro conditions in the U.S., with interest rates at their highest in over twenty years.
“I’m not saying -43% is going to happen overnight, but we have to keep in mind there have been two 13-year periods where equities were flat – in the 2000s and in the 70’s, 80’s,” he continued on the topic.
Despite the grim prognosis, Morehead was complimentary of both Bitcoin and largest altcoin Ethereum (ETH), predicting the former to more than double every year, in line with average performance to date.
“Bitcoin has a 14-year trend growth of 145% a year,” he stated.
The good times for BTC price performance may only follow a fresh bout of pain for hodlers.
Related: Bitcoin beats S&P 500 in October as $40K BTC price predictions flow in
Prior to the 2024 block subsidy halving, some are concerned that a major retracement could enter.
For Filbfilb, co-founder of trading suite DecenTrader, the timing will likely focus on a month before the halving — around March next year.
A month before or so seems the meta.
Read more on cointelegraph.com
