Pantera Capital CEO says the next bull market cycle has already begun and predicts Bitcoin price – What does he know?
The cryptocurrency market has experienced unprecedented growth over the last few years. Bitcoin, the most popular cryptocurrency in terms of market capitalization has been leading the charge. Analysts and investors closely follow the market to see where Bitcoin will be going next, as Bitcoin’s price is still volatile.
Pantera Capital CEO Dan Morehead has made bullish predictions regarding the cryptocurrency market. We will be discussing Morehead’s comments and analyzing what they might mean for Bitcoin’s future price.
Pantera Capital CEO: Next Bull Cycle Started
Pantera Capital CEO Dan Morehead recently stated that Bitcoin is already in its next bull cycle despite market apathy. Pantera Capital CEO Dan Morehead stated that Bitcoin is in its seventh bull market cycle and that investors should not be alarmed by the dip in crypto after FTX.
He stated that 2023 would be a year for restoring faith in crypto markets and acknowledged that the market had seen lows during the previous cycle.
Morehead believes it is time to make crypto bullish despite market apathy. He stated that “Pantera has gone through ten years worth of Bitcoin cycles and I have traded through 35 years worth of similar cycles.”
Morehead claims that the crypto market including Bitcoin has already reached its lowest point, regardless of the fluctuations in interest rates. He believes blockchain assets will be in the next bull markets cycle.
Morehead adds to his argument by saying that Bitcoin’s recent fall from its all time high is within historical norms. He predicts that Bitcoin will rise by 136% in the seventh bull cycle and reach another all-time high.
Morehead used data to support the argument. He stated that the decline of the crypto market between November 2021 and November 2022 was the median for a typical cycle. He pointed out that this bear market was the only one that had wiped out more of the bull market’s previous bull market, specifically 136%.
The Bitcoin Hashrate Significantly Increases as Public Miners Jump in
According to Hashrate Index, the latest analysis shows that Bitcoin mining companies such as Core Scientific and Riot experienced an increase in Bitcoin production in January. Stable electricity prices and better weather conditions were the main reasons for this surge in Bitcoin production.
As revealed in the first production update for 2023, the analysis showed that there was a steady increase in BTC production and hash rate over the past month.
The majority of public miners increased their bitcoin production in January. CleanSpark achieved a 50% increase, which was accompanied by a record monthly production total of 697 bitcoins. Core Scientific was the largest producer of Bitcoins with 1,527 coins. Riot came in second with 740 bitcoins.
Marathon and Cipher saw notable increases in Bitcoin production with 687 and 343 Bitcoins respectively. This was a significant increase over their December outputs, which were 475 and 220 coins.
IMF Caution El Salvador Against Trading Bitcoin Bonds: How Does This Signify?
The International Monetary Fund (IMF), has advised El Salvador, which was the first country to recognize Bitcoin, about the possible risks associated with its growing dependence on digital currency.
While the IMF acknowledges that Bitcoin adoption is not yet risky due to its limited use, it cautioned El Salvador to remain vigilant and ensure transparency and integrity in its financial system.
A February 10th IMF report examined El Salvador’s adoption and advised that transparency and caution are necessary in light of potential threats to its economic strength, financial integrity and stability, as well as consumer protection and financial integrity.
A team of experts who visited Central America concluded that while Bitcoin’s risks have not yet been identified, it is important to address them.
The IMF stressed that the Salvadoran government must be more transparent about its Bitcoin transactions as well as provide a financial status report on the state-owned Chivo wallet.
It is vital to increase transparency since El Salvador adopted Bitcoin in September 2021 as a legal currency. This highlights the need for full understanding of the risks.
Today’s live Bitcoin price is $22,012, and the 24-hour trading volume for Bitcoin is $16.6 billion. Bitcoin has increased 1.54% in the past 24 hours. Bitcoin currently ranks #1 on CoinMarketCap with a live market capital of $424 billion. The current circulating supply for Bitcoin is 19,288,937 BTC coin, with a maximum supply limit of 21,000,000 BTC coin.
Bitcoin’s current price has surpassed $21,800, putting it back in the lateral trading range of $21,800 to $22,350. The upside is that Bitcoin’s price could rise above the $22,350 mark to $22,800, or $23,350.
According to the MACD and RSI indicators there is a slight decline in Bitcoin’s value. A bearish breakout could occur if the price drops below $21,550. This could lead to a drop to $21,150.
The downward trend that could lead to Bitcoin’s $21,750 price drop may continue. It may fall below this level and cause further price declines. The next support level is $20,600.
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