In the April newsletter sent out recently, Pantera Capital Management noted the high probability that Bitcoin will rise and even overcome the December high of around $20,000.
San Francisco-based Pantera Capital Management has called $6,500 the likely low for Bitcoin in the current bear market. The investment firm also suggests that it is "very likely" that Bitcoin's value will reach new heights, surpassing $20,000 within a year. Pantera, a leading voice in the cryptocurrency market, makes rare but significant predictions. Late last year, Pantera Capital CEO Dan Morehead predicted a 50% drop in the price of Bitcoin before it would take off again. The forecast turned out to be correct in its first part and everyone watched Bitcoin fall below $7,000 in February, essentially a 65% drop. In recent weeks, the price of Bitcoin has fluctuated within this range, and at the end of last week it sharply increased by $1000. This gives hope for the development of events according to the second part of the prediction.
Morehead’s company has been working in the crypto market for more than four years, but it always makes its forecasts very carefully. Previously, he gave only 4 recommendations regarding the crypto space. Today, Dan Morehead has no doubts about his optimistic forecasts for the prospects of Bitcoin.
Morehead’s confidence in the correctness of the forecasts is based on the infusion of institutional finance into the crypto industry. Big Wall Street players are investing in cryptocurrencies: the Rothschild family, Soros Foundation and finally the The Rockefellersenter the fray. The presence of such players is beginning to influence the markets. We cannot discount the launch of Bitcoin futures trading at the end of last year. Also, the executive director of Goldman Sachs left his team and intends to join the crypto empire of Michael Novogratz.
Thus, the head of Pantera Capital is optimistic about the medium- and long-term prospects for Bitcoin.
Dan Morehead believes that “we are now in the early stages of a multi-year trade” and this is a good time to invest in Bitcoin. He believes that purchasing for $7 thousand something that previously cost $20 thousand is a good business.
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