Pantera Capital CEO: "Bitcoin Has Hit Its Bottom"
According to Dan Morehead, CEO of Pantera Capital, the cryptocurrency market, with Bitcoin as its leading representative, has reached its bottom.
In an article titled “The Seventh Bull Cycle” published on February 8, Pantera Capital’s CEO, Dan Morehead, asserted that Bitcoin has hit its bottom and is now in a phase of accumulation.
As of the latest update, Bitcoin is trading around $21,616, down about 1.2% over the past 24 hours. However, the leading cryptocurrency has surged approximately 31% since the beginning of the year.
In an interview, Pantera’s Dan Morehead stated:
“Pantera has been investing in Bitcoin for 10 years, and I’ve been in the financial markets for 35 years, experiencing many similar cycles. I believe that blockchain assets have established a bottom, and we are entering the next bull season, regardless of any interest rate adjustments.”
Recently, Pantera Capital revealed that one of their investment funds experienced an 80% drop in value in 2022 due to the crypto market downturn. The fund also announced plans to pivot back to altcoins after a long period of focusing on BTC and ETH.
On Bloomberg TV, Greg King, head of Osprey Funds, shared a similar view, noting that each bear cycle is typically less severe than the previous one. If this trend continues, we might have indeed reached the bottom.
According to King, prices may not necessarily rise in a straight line from this point. Traditional financial market theories suggest that while the market is trending upward, negative sentiment still prevails.
