Pantera Capital founder Dan Morehead made many bullish comments on bitcoin (BTC) and the cryptocurrency markets in his latest interview. He is adamant that regardless of the most recent correction that the digital currency space is on track to produce returns far greater than normal financial markets. His words seem to have significant substance behind them when a trend analysis is completed, and the upcoming calendar is analyzed.
The Running of the Bulls, Time to Scare the Bears
The Chief Executive Officer (CEO) of Pantera Capital, Dan Morehead, made many remarkably bullish comments this week. He highlighted many trends in the bitcoin and cryptocurrency markets suggesting we are at the end of the bear market which saw BTC correct 64 percent from its high of almost $20,000 in December. However, when you analyze the bull and bear market cycles it can be seen that BTC and the entire crypto markets have suffered seven bear market corrections.
Mr. Morehead noted how 71 days is the average period for a cryptocurrency bear market cycle. Currently, we are on day 55 which means we are at the early range of the bear market ending and have approximately two weeks before we hit the average number of days for the bear cycle.
The King personally thinks the bear market correction completed when BTC dropped under $6,000 with the last few days being the beginning of the bull run. This is because of many catalysts from conferences, regulations, and a unique under-discussed event, the Chinese New Year. Regardless of the disagreement in timing, both the King and Mr. Morehead believe a bull market run is inevitable and on the horizon.
What Goes Up Must Come Down… and Then Go Back Up!
Mr. Morehead can be quoted as saying, “We are certainly aware that it is a very speculative market…Its volatile on the upside, but I can be volatile on the downside.” The volatility of BTC is what allows it to have one hundred percent gains in a one month period. That same volatility allows it to have a fifty percent correction in future months. This type of correction is what the markets just felt, and it has occurred seven times in crypto history. The problem is most traders and investors are new to these markets and do not realize these types of corrections occur fairly regularly.
When referring to day 71, average correction period and how we are currently on day 55, Mr. Morehead’s commented, “So it seems like another couple of weeks, and everything will be kind of normal, and it could start grinding back up.” The King has predicted this bull run has already started, but Mr. Morehead is a firm believer we are still a few weeks out. These weeks should be approached with caution as what the next few weeks’ hold is undetermined. However, what most are in agreement on, is that following major corrections and bear raids, are rebounds and bull runs.
Another positive to highlight that both the King and Mr. Morehead have focused on are the regulations being provided by many governments. The regulations are a very positive occurrence as the alternative was an outright ban. Governments will not turn a blind eye to the significant percentage gains individuals are making and they are choosing to ban them as if they were gambling earnings, or regulate them as if they were financial market earnings.
Mr. Morehead is quoted as saying the U.S. has done a “commendable job,” regarding their regulation and implementation of new laws in the last six months. These regulations provide the ability for institutions to feel more protected and enter a space that until recently had been off limits to institutional funds. The entire asset class of cryptocurrencies is currently under $500 billion total market cap and the amount of institutional money to flood the space could easily surpass the entire current market cap of the space.
Conclusion: What Does the Month Hold?
There are multiple philosophies regarding when the upcoming bull run and rebound will occur. The King personally believes the bull market began when BTC dropped under $6,000. Many individuals are firm believers that this week’s five conferences on three continents will be the main catalyst. While many others are convinced the Chinese New Year on February 15, will be the main catalyst. The evidence is clear, following rebounds seven times in crypto history with BTC’s percentage correction and length of time to correct we are in the last few days of it – if it is not already complete.
This week has conferences (St. Petersburg, Calgary, Dubai, Dallas and Silicon Valley), the Chinese New Year (bull run follows historically), and trends that point to the correction having completed. For those who have money on the side and want to ride the wave back to BTC’s former glory of $20,000 per coin, the time to get involved is now, while BTC is still fifty percent cheaper than it was in December. When hedge fund CEOs agree with traders regarding the impending bull run the question is not if, but when?
The running of the bulls is coming early in 2018, by the end of February, if it has not already begun!
To read the King’s prior articles, to find out which ICOs he currently recommends, or to get in contact directly with the King, you can on Twitter (@JbtheCryptoKing) or Reddit (ICO updates and Daily Reports).
The post The Running of the Bulls Begins Early This Year: Pantera Capital CEO Very Bullish appeared first on BTCMANAGER.
Author: BTCManager.com
Leave a Reply