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 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.
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