BTC is Already in its Next Bull Market Cycle
After peeping to the ‘year of rebuilding trust,’ the CEO and Co-Chief investment officer for Pantera Dan Morehead commented, “the sequence of Bitcoin and altcoin lows are on the far side of us.”
Pantera Capital is confident that Bitcoin is already fledging into the “seventh bull cycle.” And Pantera, which offers exposure to investors concerning Bitcoin and other digital currency startups, asks investors not to be shaky of crypto post-FTX. Learn more: www.bitcodelegend.org
On February 8th, 2023, the freshest Blockchain Letter was presented. The founder and CEO of the asset management firm, Dan Morehead, came up with an envision in this particular letter. His prediction holds a conclusion which is as such – “the coming year is on the way to being a year for reconstructing the TRUST.”
Morehead: Crypto assets Beholds “Lows” in this cycle
January 2023 marked the return in the BTC price action by making profits of 40%. Despite this gain, many market competitors still hold out for the idea that new macro lows contribute to crypto assets.
Timing for the market lows depends on various scenarios. Nevertheless, the oneness still needs to be present regarding how the market will recover. For Morehead, regardless, overturn time for bullish on crypto is heretofore.
Morehead said that Pantera, as well as Bitcoin, have connections with each other from before. Also, he said that he was trading through those cycles.
Dan Morehead believes that blockchain assets have been able to check the lows. He further accepted that Pantera had seen the next bull market cycle – irrespective of all the happenings in the interest-rate-sensitive asset classes.
This view disagrees with the majority pitching aside the debate over crypto’s connection with risk assets like equities.
Cointelegraph is a London news website that brings forward interviews related to cryptocurrency and blockchain applications. As per Cointelegraph, BTC forms the backbone of some other pronouncements for 2023.
Morehead claimed that the market now ranks well in historical affairs. It’s due to the reduction from Bitcoin’s current all-time highs. And this market holds a ‘well rank’ irrespective of submerging below its previous bull market all-time high after the FTX sudden failure in November 2022.
Apart from acclaiming the above, Morehead wrote, “the collapse between November 2021 to November 2022 was the interposition of the typical cycle. This is the only bearish market to level down the previous bull market. Instantly, it would yield 136% of the previous rally.”
Comparing the median stagnation with the bear market, Dan said, “the median had downdraft 307 days & when we compare this to the previous bear market, it was 69 days more. It is more likely that the median decline expression will reduce to 73%. And at 77%, the bear market will be concluding.
Going a step closer to advancement, a trend change will secure and bring certainty that Bitcoin is on its way to record-high ranks. “I think we’re sufficiently done with the bear market and beginning to levigate higher,” Morehead added.
A “jurisdiction-by-jurisdiction” Come Back.
Similar confidence was presided over in the decentralized finance space. Be that as it might be, Pantera had been deployed as a ‘rebuilding trust’ in CeFi for a year.
After understanding 2020’s multiple collective failures, Morehead affirmed that this would be necessary for bringing about the crypto bear market.
“Major blowdowns and crashes in BTC characterized 2022. And this is mainly centered to CeFi. In just a matter of 3 months and the entire globe was remarked with Three Arrows Capital collapse, Do Kwon’s LUNA disintegrate, Voyager Digital going bankrupt, and Sam Bankman-Fried’s (SBF) FTX empire overturn.
Now, checking out the common factor in all these occurrences, Dan Morehead said, “It was Web3 that bankrupted. But this failure in the market was due to a combined effect of bad actors going around alongside jurisdictions without evident regulations.”
He also commented that 2023 will have various rules in case 2022 was having failures. These upcoming rules will reap the benefits of doing so.”
The “Blockchain Letter” had no declarations about the current governmental battle between the CeFi.
United States Securities and Exchange Commission. Nevertheless, it anticipated CeFi, where one can acquire loans, earn profits, and buy/sell crypto coins using a centralized institution, redeeming its clout “on a jurisdiction-by-jurisdiction level.”
