Crypto-focused funding agency Pantera Capital says bitcoin has seen its lows and “we’re within the subsequent bull market cycle.” Dan Morehead, the agency’s founder and managing associate, famous: “Over the long-term, bitcoin worth has been in a secular uptrend of two.3x yearly over the previous twelve years, on common.”
Pantera Capital on the Subsequent Bull Market
Pantera Capital printed its February Blockchain Letter final week. The letter, titled “The Seventh Bull Cycle,” is authored by founder and managing associate Dan Morehead and funding associates Ryan Barney and Sehaj Singh. Pantera Capital is an funding agency that makes a speciality of cryptocurrencies, digital belongings, and blockchain expertise.
Referencing his evaluation of bitcoin worth cycles within the letter, Morehead tweeted Thursday:
I consider that blockchain belongings (utilizing bitcoin as a proxy) have seen the lows and that we’re within the subsequent bull market cycle — no matter what occurs within the interest-rate-sensitive asset lessons.
“That may be the seventh bull cycle, after six bear cycles,” he famous. Morehead defined within the letter that Pantera has been by 10 years of bitcoin cycles and he has traded by 35 years of comparable cycles.
The Pantera Capital founder identified that the BTC worth decline from November 2021 to November 2022 was “the median of the everyday cycle.” He added: “That is the one bear market to greater than utterly wipe out the earlier bull market. On this case, giving again 136% of the earlier rally.”
“The median downdraft has been 307 days and the earlier bear market was 376. The median drawdown has been a -73% downdraft and the newest bear market ended at -77%,” Morehead continued. “I believe we’re performed with that and starting to grind larger.”
Morehead additional famous:
Over the long-term, bitcoin worth has been in a secular uptrend of two.3x yearly over the previous twelve years, on common.
Do you agree with Pantera Capital founder Dan Morehead that we’re already in a bull market cycle? Tell us within the feedback part beneath.
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