Dan Morehead, the operator of Pantera Capital (one of the outstanding crypto hedge funds on the planet), says that Bitcoin has reached the underside of its bear market, and that now's the proper time to purchase BTC.
“Something that’s growing that fast hardly ever gets below its 200-day moving average,” he mentioned on CNBC’s Fast Money. “When it does, it’s a very good time to buy.”
Morehead mentioned that $6,500 (65 p.c beneath its all-time excessive) was rock-bottom for BTC. Bitcoin briefly fell right down to $6,620 earlier this month; at press time, BTC was buying and selling for roughly $8200.
Conflict of Interest?
Of course, because the supervisor of a hedge fund that returned an eye-popping 25,000 p.c in 2017, one would possibly assume that Morehead’s public opinions are considerably biased towards conserving the BTC market afloat.
To his credit score, nevertheless, Morehead did say that “for those who are new to Pantera who might think a fund manager like Pantera would always be saying ‘Today’s a great day to get long.’ we’ve only made four cryptocurrency trade recommendations in seven years: three buy recommendations and one sell/it’s-going-to-go-sideways-for-a-while.”
It’s additionally essential to notice that Bitcoin solely contains a portion of Pantera’s portfolio.
<figure id="attachment_226112" style="width: 1410px" class="wp-caption aligncenter">
<figcaption class="wp-caption-text">Pantera’s portfolio.</figcaption></figure>
In reality, an investor letter printed by the agency earlier this month revealed that the agency’s crypto hedge fund had misplaced almost half of its worth.
However, the letter ensured traders that they'd nonetheless take residence a revenue even when Bitcoin goes the best way of Pets.com (haven’t heard of it? Exactly.) “If you had a portfolio of IPOs — one was Pets.com and one was Amazon.com — it doesn’t matter what the remainder had been. You made an awesome return,” the letter defined.
Indeed, Pantera continues to be very bullish on Bitcoin. Last month, the agency introduced that it will likely be launching a 3rd blockchain-oriented enterprise fund.
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