Erik Vorhees is an early crypto investor and has much experience with the ups and downs of the crypto market. According to Voorhees, the next crypto bull could start in the summer of 2023 and 2026. He also mentioned the need for a macroenvironment for improvement.
The founder and CEO of the cryptocurrency exchange ShapeShift, Voorhees, appeared as a guest on the most recent Bankless podcast episode.
In response to a query on when we will have another bull run and all-time highs, Voorhees jokingly said that it wouldn’t take ten years, adding that he frequently discusses the markets’ turnaround over barbecues with his “crypto OG” buddies but that they are consistently mistaken.
However, he noted that
“If the bull market doesn’t start for ten years, the whole enterprise definitely failed. […] I would hazard a prediction in the next six months to three years.”
Voorhees believed that certain events must take place for the bull to return. Additionally, “for people’s ideas to start shifting and speculative cycles to return,” a certain amount of time is needed.
As the CEO said, “The macro environment has a significant role in it as well. Therefore, it will be a headwind if interest rates are kept high and monetary conditions remain tighter. But that will begin to change in the first to middle of next year.
Therefore, it wouldn’t surprise me in the slightest if bitcoin reached a price of around $40.000 by the summer. It’s a terrific return because that’s almost 2.5X from here.”
Regarding both the bull and bear markets, Voorhees had some advice to provide. These commonalities may be observed at various points during each cycle.
Not only that, but “when the bullishness is happening, people’s scepticism and judgment fall much too low”. They’re prepared to accept anything,” he claimed. At that time, “there is no discretion, and everyone is making money doing anything. All the idiotic ideas get equally as much money as the excellent ones.”
Voorhees warned as a result,
“Remember to question yourself if anything is genuinely beneficial or simply silly while the market is in a bull run to maintain your sanity. […] Don’t go with the throng; they’ll become involved in everything.”
While this happens during a down market, individuals “are way too negative, and they disregard the whole thing.” Technology hasn’t suddenly altered between bull and bear markets; it will continue to function similarly in both. As a result, the consumer’s perception of the technology is what changes from positive to negative.
He suggested that the best action in a bear market would be to acquire and grow while “simply remembering to enjoy your life; crypto is not everything.”
If you want to watch the full interview, then go to Youtube and watch the available video. After watching the video, you’ll understand what Voorhees wants to say about the bullish crypto market.