Despite the market apathy in some quarters, the Chief Executive Officer (CEO) of Pantera Capital, Dan Morehead has disclosed that Bitcoin is already in its next bull market cycle.
Morehead said that this is bitcoin’s seventh bull cycle and investors should not be scared of the crypto market post-FTX fall.
Indicating in the company’s Blockchain letter, the CEO of the Asset Management Firm predicted that 2023 will be a year for rebuilding trust in the crypto market. He noted that the crypto market has seen lows in this cycle.
Investors King could recall that Bitcoin traded at a low of $15,500 in November 2022. The flagship cryptocurrency has however been on a steady rise since then.
In January, Bitcoin consolidated on its gain, trading above $24,000, before slightly retracing to $21,451. At the time of writing this report, Bitcoin is trading at $21,739, data from Binance platform reveals.
Despite the market apathy, Morehead believes that the time to flip crypto bullish is already here.
“Pantera has been through ten years of Bitcoin cycles and I have traded through 35 years of similar cycles” Morehead stated.
He added that regardless of what happens with the interest rates, Bitcoin the crypto market has already seen its lows.
“I believe that blockchain assets have seen the lows and we are in the next bull market cycle” he posited.
Morehead argues further that the drawdown from Bitcoin’s latest all-time high had placed the market well within the historical context. He, therefore, noted that he expects Bitcoin to rally up by at least 136% during the seventh bull cycle. If this happens, this will cause BTC to record another all-time high.
“The decline from November 2021 to November 2022 was the median of the typical cycle. This is only bear market to more than completely wipe out the previous bull market. In this case, giving back 136% of the previous rally. He positioned with the aid of data.
