American hedge fund Pantera Capital claims that a “strong bull market” is ahead of us in the cryptocurrency market.
Pantera Capital Forecast
Pantera Capital is an American hedge fund specializing in digital assets. Now he has shared his forecast on what will happen on the cryptocurrency market over the next several months.
Dan Morehead, founder and managing partner of Pantera, explained that the fund he manages has had “three full crazy cycles – huge increases and then unfortunately a decline of about 85%.”
I think we're now at the beginning of the fourth major cycle
– he poured honey into the hearts of investors.
He further pointed out that over the last two years, “all sorts of rare, crazy bad things have happened – the kind that happen once in a generation.” He probably meant the failures of projects such as FTX or Terra.
Now, however, the head of Pantera believes that “the next 18 or 24 months will probably be marked by a strong bull market in the cryptocurrency market.”
Institutional adoption appears to be accelerating following the launch of a spot bitcoin ETF in January
– he wrote further.
With the halving expected to take place at the end of April 2024, we believe that the convergence of these positive factors will provide a strong tailwind for the next bull market
– indicated the factors that will drive the growth.
This is a key moment where we will remove the traumatic, terrible events in the capital markets and blockchain space of the last few years, combined with positive things like halving and regulatory transparency – all happening simultaneously
– he concluded.
Last August, Pantera suggested that bitcoin would increase in price to USD 148,000 after the halving.
Bitcoin price today
Today, 1 BTC costs just over USD 51,000, which means a decrease of 2% on a weekly basis and 1% since yesterday. The situation on the ether chart looks more interesting. 1 ETH pays $3,057, which means a jump of 5% over the last 7 days.
