In the spring of 2021, Pantera Capital hedge fund CEO Dan Morehead said that bitcoin would soar to $200,000. In his opinion, the value of the cryptocurrency will grow as large capital enters it.
Morehead confirmed his bullish outlook this week. He believes that the bearish phase in the cryptosphere ended in November last year. The market was abandoned by speculators and investors who succumbed to panic. Already in January 2023, BTC resumed its offensive and made progress.
The negative trend dominated the market for 376 days, the second longest period of BTC depreciation in the history of the digital currency, Morehead said in a letter to investors.
The CEO of Pantera Capital emphasized:
I think that in the cryptocurrency market we have passed all the lows within the current cycle. Now we are gradually returning to the bullish trend. And it doesn’t matter how other risky assets react.