Bitcoin’s troubles don’t seem to end. April is bringing a slew of regulatory pressures and disappointing reviews from the crypto world. However, events in the past 24 hours have supported the currency’s upward movement. Recently, Pantera Capital Management released its review on bitcoin, suggesting that the bad period for the coin is already over.
Pantera Capital Management has more than $800 million in assets. The firm sent a note to its investors on Thursday, suggesting that the lowest bear market of the currency has already been achieved at $6,500. They also suggested that the coin will now start appreciating in value and will likely be reaching $20,000 to break its previous records.
Joey Krug and Dan Morehead from the firm wrote in the note, “For those who are new to Pantera who might think a fund manager like Pantera would always be saying ‘Today’s a great day to get long. I rarely have such strong conviction on timing. A wall of institutional money will drive the markets much higher.”
“Traders often use that time period as it seems to be the optimal response time of human psychology. Long enough to stop fretting about missing the trade. Not too long that the information is lost,” said both in the report.
The fund has invested in bitcoin since 2014. In the past seven years, it has only made one sell recommendation and three buy recommendations for people. As the currency has surpassed its 200-day moving average, it will now have to go beyond the $7,500 mark and breach the $10,000 point to enter a strong and prolonger bullish move.
The hedge fund has always been careful about providing cryptocurrency predictions. Therefore, it is rightful to believe that their recent call for bullish overturn is founded in solid grounds. The current bitcoin support price lies at $6,400, almost at February low levels. However, if most bulls are to be believed, a $10,000 mark could be nearby.
Bitcoin and other cryptocurrencies have been trading in red since December 2017, after reaching record highs during the time. Many investors had to leave the market because of regulatory pressures, taxation policies and freefalling prices. However, it seems that the bad times are over and bitcoin is ready for another jump. As with altcoins, the currency is experiencing a surge in prices again. Just yesterday, the price for the currency went up by $1,000 in merely 45 minutes, giving a ray of hope to investors who are still bullish on the coin.
Today’s estimates are much better than a month ago, suggesting that the downward movement is finally over. This could be an important signal for the fund which shaved off 45.7 percent value of its Digital Asset Fund during the bearish market of March. The fund called it the ‘worst in their 27-month history.’
Several other prominent investors like Tom Lee has suggested that the dog days are over and the currency is finally ready to move up and reach new highs. Even by the most conservative measures, bitcoin could reach $20,000 by the end of the year. Liberal measures suggest a price tag of $40,000 or more.