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The CEO of crypto investment firm Pantera Capital has said that the brutal bearish Bitcoin markets, where BTC falls by more than 80%, are now a thing of the past.
In a new edition of the Blockchain Letter, Dan Morehead said that Bitcoin has entered the post-halving era and no longer follows the extreme volatility of previous market cycles.
“I believe we’re done with the four-year halving cycle – and the next price era.
We’ve updated the charts we’ve been using since 2014, showing the major bullish and bearish markets. I feel like we completed the halving cycle in April. We had a period of temporary madness – where Chinese mining bans were seen as negative and a few people had the ESG blockchain upside down – and now we are in a new bull market.
I have long argued that as the market becomes larger, more valuable and more institutional, the magnitude of price movements will moderate. “
According to Morehead, the new era of prices will usher in more subdued bear markets than the corrective phases of 2014 and 2018.
“Although we have already seen two bear markets that are 83% down, I think these belong to our primordial past. Future bear markets will be shallower. The previous two were -61% and -54%.
However, Morehead points out that shallower bear markets come with a catch.
“Unfortunately, there is no free meal. The flip side is that we probably won’t see 100x rallies in a year either. (There is an amazing coincidence of the numbers -82 / 3/4% here). If it ever reaches -83% again, I will ALL IN.
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Disclaimer: Opinions expressed on The Daily Hodl do not constitute investment advice. Investors should do their due diligence before making high risk investments in Bitcoin, cryptocurrency, or digital assets. Please note that your transfers and transactions are at your own risk and that any loss you may suffer is your responsibility. The Daily Hodl does not recommend buying or selling cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in Affiliate Marketing.
Featured Image: Shutterstock / Andrey_Kuzmin
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