Get Even More Visitors To Your Blog, Upgrade To A Business Listing >>

Next Bitcoin Bull Run to Occur in 2 Weeks: Pantera

As Bitcoin, the world’s largest cryptocurrency by market capitalization, continues to rebound from its lows reached last week, one hedge fund manager expects a major price surge right around the corner. 

“We’re certainly aware that it’s a very speculative market,” said Morehead. “Its volatile on the upside, but it can be volatile on the downside.” 

71-Day Countdown

The cryptocurrency enthusiast noted that bitcoin had a 64% fall from its peak around $20,000 to its recent trough, “and that’s exactly the average decline in the bitcoin market over the last seven bear-market cycles.” Adding that while “the past doesn’t predict the future,” Morehead indicated that the dip seems like the right correction for the Digital Currency based on historical price fluctuations. 

The hedge fund CEO also said that bitcoin has had an average bear market of 71 days, and that the current cycle is in its 52nd day. “So it seems like another couple of weeks and everything will be kind of normal and it could start grinding back up,” he stated. 

Further Regulation Welcome

Bitcoin investors, who are used to major price fluctuations, should also gain from the entrance of institutional investors into the market, according to the Pantera founder. “There’s such an institutional appetite to get exposure to this. It’s a half-a-trillion-dollar asset class that nobody owns. That’s a pretty wild circumstance. And it’s also only got a 0.1% correlation to the rest of the financial markets,” said Morehead. 

As more institutional investors start trading the “underowned” digital currency, bitcoin should see its market value rise, according to the investor. He also notes that while many view cryptocurrency regulation as a negative headwind, the U.S. has done a “commendable job” and that more regulation should help the market grow at a healthy pace. (See also: Bitcoin Will Hit $320,000: Winkelvoss Twins.)

Investing in cryptocurrencies and other Initial Coin Offerings (“ICOs”) is highly risky and speculative, and this article is not a recommendation by Investopedia or the writer to invest in cryptocurrencies or other ICOs. Since each individual’s situation is unique, a qualified professional should always be consulted before making any financial decisions. Investopedia makes no representations or warranties as to the accuracy or timeliness of the information contained herein. As of the date this article was written, the author owns cryptocurrency.

The post Next Bitcoin Bull Run to Occur in 2 Weeks: Pantera appeared first on .

This post first appeared on NewsWorld™, please read the originial post: here

Share the post

Next Bitcoin Bull Run to Occur in 2 Weeks: Pantera


Subscribe to Newsworld™

Get updates delivered right to your inbox!

Thank you for your subscription