Bitcoin bull market is here says Pantera Capital
The CEO of the crypto-focused investment giant Pantera Capital predicts that 2023 will be a year for regaining the lost confidence in the web3 space.
According to a new report published by crypto investment fund, Pantera Capital, the crypto bear market is over and bitcoin (BTC) has entered its seventh bull cycle.
Pantera says crypto winter has been over for months
Pantera Capital, a crypto investment firm with over $4 billion in assets under management (AUM), has hinted that the bear market is now over and the seventh bull crypto market cycle is now upon us.
The company made this declaration in a recent publication titled “The Seventh Bull Cycle.”
Dan Morehead, the CEO, pointed out that this is bitcoin’s seventh bull cycle after six bear cycles and encouraged investors not to be deterred despite the state of the market, especially after the FTX fiasco.
Morehead also highlighted his company’s vast experience in the crypto sector, stating that Pantera has been through 10 years of BTC market cycles.
The Pantera Capital CEO explained that, “This is the only bear market to more than completely wipe out the previous bull market. In this case, giving back 136% of the previous rally.”
Is light at the end of the tunnel?
Morehead further explained that data gotten from the median downdraft suggests that the bear market is at an end according to historical context, and the market will begin to witness a surge in price very soon.
“The median downdraft has been 307 days, and the previous bear market was 376. The median drawdown has been a -73% downdraft, and the latest bear market ended at -77%,” he said. “I think we’re done with that and beginning to grind higher.”
He also stated that he expects bitcoin to rally up by at least 136% during the seventh bull cycle, which means that the price of BTC is expected to reach a new all-time high soon.
Pantera isn’t the only voice calling out an impending upturn in the market. In Jan 2023, CryptoQuant, an on-chain analytics firm revealed that the recent surge in the price of bitcoin and the market, in general, is an indicator of a more significant movement that will occur in the near future.
