The CEO of Pantera Capital, Dan Morehead, is growing more and more enthusiastic about buying Bitcoin and is encouraging crypto investors to invest in the cryptocurrency owing to the favorable downtrend in the market. The price crash that occurred in the Bitcoin market in May 2021 led to a panic-stricken outflow of investors from the market. Still, now the panic is subsiding, making it favorable for investors to make profitable investments in Bitcoin.
In an interview with Blockchain Letter, Morehead said that the ban on cryptocurrency trading and services imposed by the Chinese government led to the market crash in May. However, the Bitcoin Prediction is that the market shall witness a bullish trend soon as investors have started pouring in again owing to the slow but steady bullish trend in price that has set in recently. Moreover, Tax Day has also impacted the Bitcoin price as the price of Bitcoin plummeted right before Tax Day as most people have resorted to paying tax bills with cryptocurrencies.
As of now, Bitcoin is trading at around 36% below its eleven-year-old exponential trend-line. Before the crash, the price of Bitcoin had surged from $ 3,800 to approximately $65,000. One can be slightly optimistic this week as the cryptocurrency has managed to surge past its trend value and rise to a favorable price. The CEO of Pantera Capital repeatedly warned against fleeing the market every time there is a crash in the cryptocurrency price. He urges investors to keep the trading positions open to make the best of the downtrend in the market.
Buying and HODLing Bitcoin would be the best move right now. At present, Bitcoin is still below its trend of compound annual growth. Morehead is hopeful that positive trends will set in the market again, and investors will be able to take in decent profits from the market.