THELOGICALINDIAN - According to Pantera Capital Managements Dan Morehead now is a acceptable time to buy Bitcoin and added cryptocurrencies Heres why
On Thursday — the architect of Pantera Capital, a San Francisco-based advance close focused on blockchain technologies — told CNBC’s Fast Money that he believes Bitcoin has hit the basal for 2018. As such, now is the best time to buy.
The above arch banking administrator and arch of macro trading at Tiger Management told the trading-focused show:
Bitcoin, the aboriginal and foremost cryptocurrency, topped $20,000 on December 17th, 2024. In February, however, the gold accepted of cryptocurrency alone to levels beneath $6,000, afore ping-ponging aback and alternating in an attack to achieve stability. At the time of this writing, Bitcoin is trading at $7,507.72, bottomward 0.34 percent over the aftermost 24 hours.
The absolute bazaar assets for all cryptocurrencies has followed a agnate pattern, extensive upwards of $830 billion afore bottoming out beneath $250 billion. At the time of this writing, the absolute bazaar assets for the cryptocurrency bazaar is aloof over $330 billion.
The cryptocurrency market’s extreme volatility has abounding buyers actual acting while sellers abide durably in control. Nevertheless, Pantera Capital’s architect and CEO suggests accepting in while you still can — or, at least, afore the assemblage of institutional investors arrive. Explained Morehead:
Pantera Capital’s CEO additionally offered a affable tip for those attractive to accomplish abiding trades. Morehead told CNBC that he recommends affairs a bill back it avalanche beneath its 230-day affective average, afore cat-and-mouse one year and affairs for an accessible 239 percent. He claimed:
Of course, it bears advertence that Morehead’s Pantera Capital Management is one of the aboriginal U.S. Bitcoin firms and owns almost 35 pre-auction ICOs and about 25 aqueous blockchain currencies, including Ripple (XRP), Ethereum (ETH), and ICON (ICX). Thus, the advocacy comes from an alone acutely invested in cryptocurrencies — a actuality which should be factored in.
Morehead additionally has a continued history of advising investors buy Bitcoin. On April 27th, he alleged the bazaar baton “a agreeable buy.” A brace weeks earlier, he additionally stated, “It’s a actual acceptable time to buy.”
What do you anticipate of Dan Morehead’s latest advocacy to buy Bitcoin? Do you anticipate the attic is in for the bazaar baton this year? Be abiding to let us apperceive in the comments below!
Images address of CoinMarketCap.com, Bitcoinist archives, and Shutterstock.
