Key Points: According to Dan Morehead, CEO of Pantera Capital, blockchain assets that use bitcoin as a proxy have already reached their bottom.
Greg King, CEO at Osprey Fund, believes that cryptocurrency is climbing a wall o fear.
According to Pantera Capital CEO Dan Morehead and Osprey Fund’s CEO Greg King, bitcoin prices have reached a bottom and are consolidating.According to Coinmarketcap statistics, bitcoin was trading at about $21,708 at 18:48 UTC, down nearly 3.5% in the previous 24 hours. Despite this, the market capitalization of the top cryptocurrency is up almost 31% in the past 12 months.
Pantera has experienced 10 years of bitcoin cycles. I’ve traded through 35 years. I believe that blockchain assets have seen the lows and that we’re in the next bull market cycle, regardless of what happens in the interest-rate-sensitive asset classes.
According to Pantera CEO Dan Morehead, the median cycle was the decline between November 2021 and November 2022. This bear market has more than completely wiped out the previous bull markets. This bear market has returned 136% of the previous rally. The previous bear market was 376 days. According to Morehead, this bearish market was the only one that completely wiped out the prior bull market and returned 136% of the previous rally.
We’re done with it and we can move on to greater things.
He said that Greg King, Osprey Funds, expressed similar views on Bloomberg TV. He stated that each down cycle is slightly different from the previous one.
If this is the case, we have reached bottom.
King believes that prices will not move in a straight line if they are optimistic. This is because optimism can translate into finding the wall of fear. The Osprey Funds CEO was referring to a popular financial market theory that states that when markets are heading higher (early in a bull cycle), they are climbing a wall of fear or rising despite a lack of great optimistic sentiment.DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.Join us to keep track of news: https://linktr.ee/coincuThanaCoincu NewsTags: #Bitcoin#bitcoin pricebitcoinbitcoin price analysisBitcoinsBTCbtc downbtc price