Dan Morehead, founder of the Pantera Capital hedge fund, is convinced that the price of bitcoin most likely reached the “bottom” and now is the time to open long positions in the market. This is written by CNBC.
Bitcoin could already reach its minimum for the current year, so the best opportunity to buy cryptocurrency is unlikely to be presented, he said, adding:
“All cryptocurrencies are very cheap now.”
Morehead also gave a clue to those who want to buy cryptocurrency and forget about it for a while. He recommends buying bitcoin when its rate falls below the 230-day moving average to earn 239%, selling it in a year.
Another factor that, according to Morehead, is to persuade individual investors to make an early purchase of the cryptocurrency, is the approaching arrival of investment funds and other large investors awaiting the appearance of solutions that can meet their liquidity and security needs.
According to him, given the general decline of the cryptocurrency by 65% compared to the highs this year, in the future their value will only grow.
Morehead believes that now is the most suitable time to buy the first cryptocurrency because its price has reached the “bottom”.
According to the founder of Pantera Capital, investors can benefit from the fact that the crypto industry is still largely unregulated space.
Note that bitcoin came close to the mark of $ 20 thousand in December 2017. In February of the following year, its price reached the lower mark of $6 thousand. As of June 1, bitcoin is trading around $7,550.
Recall, in April, Dan Morehead suggested that the capitalization of the cryptocurrency market can easily reach $40 trillion.