Depending on how one wants to look at things, the Bitcoin price bottom may have finally been established. Pantera Capital Management is convinced that things will improve from here on out, although it’s too early to say for sure. Even so, we’ve seen a nice Bitcoin price bounce on the charts, which is something a lot of speculators have been waiting for.
PANTERA CAPITAL MANAGEMENT IS BULLISH ON BITCOIN
In a way, it is not entirely surprising to see an entity like Pantera Capital Management turn bullish on Bitcoin. This news comes at a crucial time for the cryptocurrency industry, as the Bitcoin price has been battered throughout most of 2018. With a net decline of 65% between December 2017 and early April 2018, it is evident bullish momentum is not on the horizon.
Even so, things always turn around in the world of cryptocurrency. Every single year, we see a steep decline in Bitcoin’s price, followed by several months of sideways trading, and ultimately a new all-time high in the long run. It seems the bottom has been locked in as of right now.
According to Pantera Capital Management, things will improve from here on out. They predict that $6,500 is the low for the Bitcoin bear market and that the future looks bright. In fact, the group is confident that this will remain the support level for the remainder of 2018 and even 2019. That is a rather optimistic outlook, although it remains to be seen if this holds true in the end.
Moreover, it seems Pantera is confident the Bitcoin price will return to its previous all-time high and surpass that level later this year. While that is certainly something all cryptocurrency investors would love to see, it remains highly unlikely things will head in that direction. If last year was any indication, there are some interesting trends waiting to take form in the coming months.
One could argue such a statement by Pantera Capital Management serves the company’s business. After all, their fund has over $800 million in various assets, with a very strong focus on Bitcoin and a few other top cryptocurrencies. Even so, CEO Dan Morehead is convinced there will be no other outcome for the industry, regardless of his company’s position within it. It will certainly be interesting to see how things play out in the near future.
For Bitcoin speculators, interesting times lie ahead. Either we will see massive gains in the coming eight months, or the Bitcoin price will dip to $5,000 or potentially lower. Anything and everything is possible in this industry, although the current trend seems to indicate that good things will continue to happen. It all depends on how much price manipulation we will have to contend with in the coming months.