The CEO of cryptocurrency-focused investment giant Pantera Capital predicts that 2023 will be a year to regain lost trust in the web3 space.
According to a new report published by cryptocurrency investment fund Pantera Capital, the cryptocurrency bear market has ended and bitcoin (BTC) has entered its seventh bull cycle.
Pantera Says Crypto Winter Ended Months Ago
Pantera Capital, a crypto investment firm with over $4 billion in assets under management (AUM), has hinted that the bear market is over and the seventh bull cycle of the crypto market is now upon us.
The company made this statement in a recent publication titled “The cycle of the seventh bull”.
Dan Morehead, the CEO, noted that this is bitcoin’s seventh bull cycle after six bear cycles and encouraged investors not to get discouraged despite the state of the market, especially after the FTX fiasco.
Morehead also highlighted his company’s vast experience in the cryptocurrency sector, stating that Pantera has gone through 10 years of BTC market cycles.
The CEO of Pantera Capital explained that, “This is the only bear market that ends the previous bull market. In this case, giving back 136% of the previous rally.”
Is there light at the end of the tunnel?
Morehead further explained that the data obtained from the median downdraft suggests that the bear market is coming to an end based on the historical context, and the market will start to see a rise in price very soon.
“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%,” he said. “I think we’re done with that and started working higher.”
He also stated that he expects Bitcoin to rise by at least 136% during the seventh bull cycle, which means that the BTC price is expected to reach a new all-time high soon.
Pantera is not the only voice denouncing an imminent rally in the market. In January 2023, CryptoQuant, an on-chain analytics firm, revealed that the recent rise in the price of bitcoin and the market in general is an indicator of a more significant move to occur in the near future.
