After a week of drastic, preferably downward, gyrations, the king of all cyber assets ought to take precedence, reaching top rates, within the following weeks. Such an opinion expressed cyber assets investor, CEO, and constitutor of Pantera Capital Dan Morehead.
Bitcoin Will Be Back
In a conversation with CNBC journalists, Morehead said that bitcoin should come back to its previous highs just in a few weeks. Furthermore, in the aftermath, it might keep soaring from that stage.
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Commenting on the issue, Morehead said that institutional investors are very interested in the crypto market, as long as it is worth half of $1 trillion. Hence, the conditions are savage.
The investor runs Pantera Capital, which is a hedge fund and investment company that deals solely with cyber assets and blockchain. He also said:"And bitcoin is still so under-owned by institutional investors that it trades at its own beat."
Notwithstanding the above, the PC founder added that the firm is cognizant of the fact that digital currency market is a perilous one with a lot of speculation occurring there and volatility.
Morehead himself purchased BTC for the first time when it cost only $72, and this week Monday he saw the coin falling below $6,000. He is an ex-hedge-fund strategist and started climbing the career ladder at Goldman Sachs. Interestingly, he was the one who predicted last year December that bitcoin would halve in price."It seems like another couple of weeks and everything will be normal and [bitcoin] can start growing back up again," ascertained Morehead.
Before that, the crypto investor explained that bear markets typically have a 71-day run. Therefore, “we're 52 days into this," said Morehead.
Last week, the crypto market started experiencing the fall, reaching its lows on Monday, February 5. That day, bitcoin plummeted below $6,000, a margin, which had not been seen since the late November 2017. At the same time, the total crypto asset market cap plunged to $279 billion, which is another anti-record of 2018.