Pantera Capital on Bitcoin: We’re in Next Bull Market Cycle

Crypto-focused investment firm Pantera Capital says bitcoin has bottomed out and “we are in the next bull market cycle.” Dan Morehead, the firm’s founder and managing partner, noted, “Over the long term, the price of bitcoin has been in a constant uptrend averaging 2.3 times per year for the past twelve years.”

Pantera Capital in the next bull market

Last week, Pantera Capital published its February Blockchain Letter. Titled “The Seventh Bullish Cycle,” the letter is written by founder and managing partner Dan Morehead and investment partners Ryan Barney and Sehaj Singh. Pantera Capital is an investment firm specializing in cryptocurrencies, digital assets and blockchain technology.

Referring to his analysis of Bitcoin price cycles in an email, Morehead tweeted on Thursday:

I believe that blockchain assets (using bitcoin as a proxy) have seen lows and that we are in the next bull market cycle – regardless of what happens to interest rate sensitive asset classes.

“This will be the seventh bull cycle after six bear cycles,” he said. Morehead explained in the letter that Pantera went through 10 years of Bitcoin cycles, while he traded through 35 years of similar cycles.

The founder of Pantera Capital noted that BTC the price decline from November 2021 to November 2022 was the “median of a typical cycle”. He added: “This is the only bear market that has more than wiped out a previous bull market. In this case, returning 136% of the previous rally.”

Chart of the main cycles of the price of bitcoin. Source: Pantera Capital

“The average downturn was 307 days and the previous bear market was 376 days. The median decline was -73% and the last bear market ended at -77%,” Morehead continued. “I think we’re done with that and are starting to grind higher.”

Morehead further noted:

In the long term, the price of bitcoin has, on average, been in a constant uptrend 2.3 times a year over the past twelve years.

Do you agree with Pantera Capital founder Dan Morehead that we are already in a bull market cycle? Let us know in the comments below.

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