Cryptoperiod the founder of Pantera Capital Dan Morehead said in a live CNBC that now is the best time to buy bitcoin, in anticipation of the upcoming infusion of funds from institutional investors.
According to Morehead, bitcoin has probably reached bottom in the scale of this year and now is the time for crypto-shopping.
“All cryptocurrencies are now very cheap,” said Morehead, who is an investment Fund Manager Pantera, noting that the overall stock market dipped to 65% from its former heights, so, according to Morehead, “it is more profitable to buy now, before the upcoming rally”.
Under the assumption of Morehead, buying a bitcoin after a deviation from the moving average over 230-dnevni period, after a year when u think about it not worth it, relatively, you can expect to 239% profit.” According to his observations, similar behavior of bitcoin was repeated five times in the last six years.
Summarizing its recommendations, Morehead said:
“This is the essence of trading: the price rarely deviates similarly from the moving average over the long term, so today is a great day for shopping.”
Previously managing Pantera said that even if bitcoin will suffer the same fate Pets.com (the dotcom era), captainvalor will still be able to get their profits.
“If you have in the portfolio were shares Pets.com and Amazon.com no matter what, your investment is still profitable,” he explained in a letter to its customers Dan Morehead.
To illustrate his position, Dan Morehead said that the Fund Pantera in the portfolio includes 25 different coins purchased during the initial offerings.