Pantera Capital on Bitcoin: We’re in Next Bull Market Cycle

Crypto-focused concern steadfast Pantera Capital says bitcoin has seen its lows and “we’re successful the adjacent bull marketplace cycle.” Dan Morehead, the firm’s laminitis and managing partner, noted: “Over the long-term, bitcoin terms has been successful a secular uptrend of 2.3x annually implicit the past 12 years, connected average.”

Pantera Capital connected the Next Bull Market

Pantera Capital published its February Blockchain Letter past week. The letter, titled “The Seventh Bull Cycle,” is authored by laminitis and managing spouse Dan Morehead and concern associates Ryan Barney and Sehaj Singh. Pantera Capital is an concern steadfast that specializes successful cryptocurrencies, integer assets, and blockchain technology.

Referencing his investigation of bitcoin terms cycles successful the letter, Morehead tweeted Thursday:

I judge that blockchain assets (using bitcoin arsenic a proxy) person seen the lows and that we’re successful the adjacent bull marketplace rhythm — careless of what happens successful the interest-rate-sensitive plus classes.

“That would beryllium the seventh bull cycle, aft six carnivore cycles,” helium noted. Morehead explained successful the missive that Pantera has been done 10 years of bitcoin cycles and helium has traded done 35 years of akin cycles.

The Pantera Capital laminitis pointed retired that the BTC terms diminution from November 2021 to November 2022 was “the median of the emblematic cycle.” He added: “This is the lone carnivore marketplace to much than wholly hitch retired the erstwhile bull market. In this case, giving backmost 136% of the erstwhile rally.”

Chart of large bitcoin terms cycles. Source: Pantera Capital

“The median downdraft has been 307 days and the erstwhile carnivore marketplace was 376. The median drawdown has been a -73% downdraft and the latest carnivore marketplace ended astatine -77%,” Morehead continued. “I deliberation we’re done with that and opening to grind higher.”

Morehead further noted:

Over the long-term, bitcoin terms has been successful a secular uptrend of 2.3x annually implicit the past 12 years, connected average.

Do you hold with Pantera Capital laminitis Dan Morehead that we are already successful a bull marketplace cycle? Let america cognize successful the comments conception below.

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