According to Morehead, Bitcoin Is In A New Bull Cycle

According to Dan Morehead, CEO of crypto-focused investment fund Pantera Capital, Bitcoin is in a new bull cycle.

According to the company, which previously announced a price target of $115,000 for August 2021, we are in a new bull cycle and the peak has not yet been reached. Pantera Capital makes its forecasts based on the halving cycle. To recall, Bitcoin's last block reward halving took place in May 2020. Although not immediately after, the price increased significantly. The popular cryptocurrency, which raised over $64k in April, has maintained a trillion-dollar market cap since then. The first halving in Bitcoin brought the supply to drop by 15 percent. Morehead states that compared to the first halving, the last cycle we experienced had a one-third impact on the price. The CEO underlines that the next halving will also have less impact than the previous one. The company's CEO, Dan Morehead, claimed in the letter that bear markets, which had dropped more than 80 percent, were over. Future bear markets will be shallower, according to Morehead. Pantera CEO gives an example at this point where he experienced 61 to 54 percent declines in the previous two bear markets. Besides, Morehead plans to buy Bitcoin with all assets in case of a possible 80 percent loss.

"We Will Not See 100x Rallyes..."

Morehead said, "We probably won't see rallies that go up 100x in a year now." When the CEO looked at the logarithmic price cycles chart, he said that the current levels remained cheap. Stating that the word "Buy the rumor, sell the truth", which is common on Wall Street, definitely works in the crypto money market, Morehead said, “Throughout 2017, the markets soared with the promise that “we will go to the moon when CME Bitcoin futures starts listing”. Markets rallied until futures contracts were listed. The peak was seen that day and the bear market started, where there was a decrease of 83 percent. We recently saw a repeat of this cycle. The entire market revived before Coinbase began listing on the Nasdaq. The market was up 822 percent towards the day of the listing and Bitcoin peaked at $64,863 that day, entering a bear market with a 53 percent drop.”