According to Dan Morehead, CEO of Pantera Capital, the bearish cycle of Bitcoin and the market in general has ended and in this article we will tell you about his reasons for making this statement.
The price of Bitcoin shot up more than 8% on Wednesday afternoon (15) and crossed the $24,000 mark for the first time in two weeks. In Colombia, the digital currency accumulates an increase of 10.72% in the last 24 hours and It is quoted at COP $117,365,977.
In recent days, bitcoin had fallen below $21,600, after reaching the $23,000 mark, due to growing investor fears regarding the regulation of cryptocurrencies, especially stablecoins, and about future actions by the bank. US central bank to contain inflation.
However, those concerns appear to have quickly faded as Bitcoin broke out of the $21k to $24,100 range before pulling back slightly.
Bitcoin price on the rise
The bitcoin boom began after the US Consumer Price Index (CPI) data release. The cryptocurrency market is sensitive to macroeconomic indicators such as the CPI, and any unexpected results can have a substantial impact.
The US CPI was recently released, indicating a 0.9% increase in consumer prices in June, far exceeding analyst forecasts.
While some traders were expecting a further drop, bitcoin is showing a surprising level of resistance.
Stocks also rose, turning from a slight red to a brief green amid market volatility as investors digested inflation data.
Cryptocurrency-related stocks saw a significant rise, with cryptocurrency exchange Coinbase (COIN) and bitcoin miner Marathon Digital Holdings (MARA) both posting gains of up to 15%.
Software company MicroStrategy (MSTR), one of the major bitcoin holders, is up more than 9%.
US CPI data just came out🚨
Inflation sits at 6.4% and has now been falling for 7 months straight!
FED will probably do the last rate hike in March and announce a pause – this will be huge for stock markets and crypto.
Buy the dip at 20k &
HODL your bags😎 pic.twitter.com/LEkV4C8Jlk
— Trismegistus (@Trismegistus963) February 14, 2023
New bullish cycle coming
Bitcoin is gearing up for a new rally, according to Jason Pizzino, a popular cryptocurrency strategist who has stated that the largest cryptocurrency by market cap could fall any time soon, but believes this could lead to a sharp rise in the near future.
According to Pizzino, Bitcoin remains bullish, but he has listed the key levels he is looking for in terms of dips, including $20,700, $19,800, and $18,600.
“In terms of my own opinion on the data I have extrapolated here and how I am interpreting it, this is the start of a rally. We can be bullish in the long term but also bearish in the short term, and that is exactly what is happening now.” Pizzino said.
Although Bitcoin has been falling in recent weeks, there are many optimistic predictions about the future of the digital currency after a short period of price correction.
Bitcoin’s bearish cycle is over
Speaking about the recent movement of Bitcoin, the CEO of cryptocurrency hedge fund Pantera Capital, Dan Morehead, predicts a new bullish era for the market. According to him, the bearish cycle that Bitcoin and the market was going through came to an end in November of last year and the price of Bitcoin will start to rise without stopping.
Morehead noted that January 2023 was the best January for Bitcoin in a decade, stating that confidence in the cryptocurrency industry is being restored.
He believes that companies that comply with the law will be rewarded this year and that many “rogue players” who crossed the line due to the lack of clear regulation in 2022 will be left behind.
The Pantera Capital team expects large-scale Bitcoin growth by early 2024. Morehead stressed that investors should be prepared for market volatility, but stated that the era of “bears” is over and a new trend has begun. upward.
The statement from the CEO of Pantera Capital comes after a period of uncertainty in the cryptocurrency market, with significant drops in the prices of various digital currencies.
Now, with Morehead’s statement, many investors may be more optimistic about the future of the market. However, it is important to remember that the cryptocurrency market is highly volatile and investors should always make informed and cautious decisions.
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