How long will the current season of prosperity in crypto markets still last? Ari Paul, chief information officer of BlockTower Capital, believes that the bull run still has at least nine months ahead.
In a February 4 tweet, Paul has explained that the sector is currently at “7° inning del bull market crypto,“Adding:
“It is at this point that we see a steady and dizzying rotation. BTC goes up, and when you take a break, ETH and some large-cap (and in this regime, bluechip DeFi), then small-cap, and the cycle repeats. Of course, add some 30-60% corrections for fun. “
Paul’s comments refer to the overall bull market in crypto. While the seventh inning on a standard nine-inning baseball game might seem close to the end, Paul started his bull market watch in 2018 when the crypto market hit bottom. “I consider the bull market starting from the historical low of the previous cycle (end of 2018),” he has specified in another tweet.
“For those who say ‘wait, this bull run clearly still has a long way to go!’ That’s right … early 2017 was already the 5th or 6th inning of that cycle’s bull run,” he tweeted.
The 2017 bull market has been cited multiple times as a significant period of prosperity for the crypto sector, which in December saw Bitcoin reach its previous all-time high near $ 20,000, followed by the market crash in 2018. In December 2020, Bitcoin broke its 2017 record.
“As for the timing, I think we have 9-22 months,” he speculated Paul replying to a comment about the ongoing bull run. “For the price, I believe BTC will end the bull run between $ 100,000 and $ 400,000 and altcoins will see better performance,” he added.
In a later thread, Paul clarified his point of view pointing out the questionable timing of the bull market
“My baseball analogy is causing some confusion as there is no consensus on how to categorize the stages of a bull market, nor to define when it begins. So let me drop the analogy and explain my thoughts on the market cycle and where we are today. “
Going on, he described how he thinks crypto markets have moved since 2018, including comments on the collapse due to COVID-19 in March 2020, and assumptions about the coming months.
As for the present, Paul mentioned possible better performances by altcoins, barring significant volatility in Bitcoin. “As long as BTC continues its consolidation, I expect altcoins to fare pretty well,” he has underlined. “At some point, BTC will start another parabolic growth and will likely outperform the halts. This move will cause the next wave of new money.”
