The CEO of the cryptocurrency hedge fund Pantera Capital, Dan Morehead, believes that the era of “bears” has ended in the cryptocurrency market and now the bitcoin rate will begin to rise.
Morehead recalled that January 2023 was the best January for Bitcoin in the last decade. He stated that the bearish trend in the crypto market ended on November 21st. The fall lasted 376 days, this is the second longest bearish cycle in the history of the existence of the first cryptocurrency.
“I believe that in the crypto asset market, we have already passed the lows in the current cycle. We are now in a new bullish trend. And it doesn’t matter what happens in the risky asset market,” wrote the CEO of Pantera Capital in his address to investors.
The head of Pantera Capital noted that confidence in the cryptocurrency industry is being restored. He said that last year many “unscrupulous players overstepped the bounds given the lack of clear regulation” and this year he expects law-abiding companies to be rewarded.
Previously, top managers of Pantera Capital said that they expect large-scale growth of bitcoin by the beginning of 2024.
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