Bitcoin (BTC) Reaches Bottom, Says Pantera Capital And Osprey Funds CEOs

Key Points:

• According to Pantera Capital CEO Dan Morehead, blockchain assets using bitcoin as a proxy have already reached the bottom.
• Greg King, CEO of Osprey Fund, says cryptocurrency is climbing a wall of 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. Having said that, the top cryptocurrency by market capitalization is up nearly 31% over the last 12 months.

Pantera has been through 10 years of bitcoin cycles, and I’ve traded through 35 years of similar cycles. 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.

said Pantera CEO Dan Morehead

As reported, the decline from November 2021 to November 2022 was the median of the typical cycle.  This is the only bear market to more than completely wipe out the previous bull market.  In this case, giving back 136% of the previous rally.

The median downdraft has been 307 days, and the previous bear market was 376.  The median drawdown has been a -73% downdraft, and the latest bear market ended at -77%.

According to Morehead, this bear market was the only one to entirely wipe away the prior bull market, returning 136% of the previous rally.

I think we’re done with that and beginning to grind higher.

he said

On Bloomberg TV, Greg King of Osprey Funds expressed a similar perspective, adding that each down cycle is slightly less than the preceding one.

If that’s the case this time, we’ve bottomed out.

Prices will not necessarily advance in a straight line from here, according to King, because optimism translates into discovering 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/coincu

Thana

Coincu News