The End of the Bearish Trend: Bitcoin Enters a New Bullish Cycle, Says Pantera Capital CEO
Dan Morehead, the CEO of Pantera Capital, a cryptocurrency hedge fund, has proclaimed the end of the "bears" era in the crypto market, with Bitcoin's rate set to rise. In January 2023, Bitcoin experienced its best January performance in the past decade, signaling the end of the long bearish trend.
"I believe that in the crypto asset market, we have already passed the lows in the current cycle. We are now in a new bullish trend. And it doesn't matter what happens in the risky asset market,"wrote the CEO of Pantera Capital in his address to investors.
The Second-Longest Bearish Cycle in Cryptocurrency History
According to Morehead, the bearish cycle ended on November 21, 2022, after a 376-day decline. This was the second-longest bearish cycle in the history of the first cryptocurrency's existence.
Moving into a New Bullish Trend
Morehead is optimistic about the current cycle, saying, "I believe that in the crypto asset market, we have already passed the lows in the current cycle. We are now in a new bullish trend." He also believes that regardless of the developments in the risky asset market, the cryptocurrency industry is heading in the right direction.
Confidence in the Cryptocurrency Industry is Restored
The head of Pantera Capital believes that confidence in the cryptocurrency industry is being restored. Last year, many "unscrupulous players overstepped the bounds given the lack of clear regulation," which led to a decline in the market. This year, however, Morehead expects law-abiding companies to be rewarded, ushering in a new era of stability and growth.
Large-Scale Growth Expected by 2024
Pantera Capital's top managers have stated their expectations for large-scale growth in Bitcoin by the beginning of 2024. With the bearish trend coming to an end, it's likely that Bitcoin and other cryptocurrencies will continue to see a rise in value and interest from investors.
Dan Morehead's optimistic outlook on the cryptocurrency market suggests that the bearish trend has come to an end, and a new era of growth and stability has begun. The current bullish trend is expected to continue, and investors can expect large-scale growth in Bitcoin by the beginning of 2024. With the cryptocurrency industry heading towards greater regulation and stability, it's likely that the future of cryptocurrencies is looking bright.