The cryptocurrency market has languished in recent weeks, as a widely-anticipated bitcoin value rally has however to occur. However, Dan Morehead, founding father of cryptocurrency hedge fund Pantera Capital, says that now could be an ideal time to shop for.
Speaking with CNBC, Morehead noted that the bitcoin value has broken below its 230-day moving average, an incident that has traditionally verified to be a wonderful mercantilism chance for investors willing to buy bitcoin and hold onto it for a minimum of a year.
“Without even pondering it,” he said, “you build a mean of 239 p.c.”
“That’s the essence of this trade: It seldom ever gets low-cost to its semipermanent average,” additional Morehead, a former Goldman Sachs govt. “So these days could be a auf wiedersehen to be shopping for.”
Morehead, as CCN according, properly foreseen that bitcoin would see a colossal correction from its period highs. However, a succeeding prediction that the market was getting down to enter a bull cycle maybe jumped the gun as a result of the bitcoin value stalled at $9,990 and swaybacked backpedal to a gift worth close to $7,500.
Nevertheless, Morehead aforementioned that Pantera continues to be experiencing positive returns, for the most part as a result of it's heterogenous its portfolio to incorporate a variety of cryptoassets. He aforementioned that the firm presently holds investments in roughly thirty five initial coin giving (ICO) tokens, also as twenty five liquid cryptocurrencies. he's notably excited concerning Augur, whose mainnet prediction market is making ready to launch once years of development.
“All cryptocurrencies area unit the lowest without delay, he said. “It’s less expensive to shop for currently and participate within the rally because it goes.”