Bitcoin is preparing for another rally, Dan Morehead of Pantera Capital says. In a recent interview with Bloomberg, he claims that the market bottom was passed in June, according to their data. His colleagues at Microstrategy also believe the current BTC price is extremely profitable and are rushing to buy a significant amount of Bitcoin.
In a new interview for Bloomberg, Dan Morehead says bitcoin is preparing for a new bullish rally. Despite the cryptocurrency market’s long decline, Morehead is very optimistic.
“You know we’ve been doing this for 10 years and we’ve been through three big bear market cycles. And, on average, they lasted 220 days. That’s basically what we’ve just had.
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I think we hit the lows in June. We’ll see. And then we’re on to the next bull market. And it might be rocky and might take a while to get going. But I think that we’re on to the next leg of a rally.”
His main claim is that the fourth cycle of Bitcoin growth is about to begin. In this cycle, the price of Bitcoin will rise an average of 2.5 times yearly.
Microstrategy remains silent, but their deeds speak more clearly than any analytics. Recent news reports indicate that they continue to bet all available capital on the rise of Bitcoin desperately.
Despite the losses the company suffered in its last quarterly report due to the Bitcoin decline, Microstrategy has filed a new application with the SEC to acquire up to $500 million in additional BTC coins. Documents for the securities regulator show that Microstrategy plans to sell up to $500 million worth of its stock for “general corporate purposes, including bitcoin acquisition.”
Quite interestingly, the market reacted positively to this bold bid, and the company’s price rose by more than 10% on Friday and exceeded $260 per share. The price of BTC also showed a positive trend in the last 24 hours and exceeded $22k.
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