Cryptocurrency-focused investment firm Pantera Capital says Bitcoin has seen its lows and “we are in the next bull market cycle.” Dan Morehead, the company’s founder and managing partner, noted: “Over the long term, the price of bitcoin has been on a secular uptrend of 2.3 times per year for the past twelve years, on average.”
Pantera Capital in the next bull market
Pantera Capital published its February Blockchain Letter last week. The letter, titled “The Seventh Bull Cycle,” is written by founder and managing partner Dan Morehead and investment partners Ryan Barney and Sehaj Singh. Pantera Capital is an investment firm that specializes in cryptocurrencies, digital assets, and blockchain technology.
Referencing his analysis of bitcoin price cycles in the letter, Morehead tweeted on Thursday:
I believe that blockchain assets (which use bitcoin as a proxy) have hit lows and that we are in the next bull market cycle, regardless of what happens in the interest rate sensitive asset classes.
“That would be the seventh bullish cycle, after six bearish cycles,” he said. Morehead explained in the letter that Pantera has been through 10 years of bitcoin cycles and has operated through 35 years of similar cycles.
The founder of Pantera Capital pointed out that the BTC the price decline from November 2021 to November 2022 was “the median of the typical cycle.” He added: “This is the only bear market that completely wipes out the previous bull market. In this case, giving back 136% of the previous rally.”
“The average decline has been 307 days and the previous bear market was 376. The average decline has been -73% and the last bear market ended at -77%,” Morehead continued. “I think we’re done with that and started working higher.”
Morehead further noted:
In the long term, the bitcoin price has been on a secular uptrend of 2.3 times per year for the past twelve years, on average.
Do you agree with Pantera Capital founder Dan Morehead that we are already in a bull market cycle? Let us know in the comments section.
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