Press Release In the past few years, the cryptocurrency market has grown at a rate that has never been seen before. Bitcoin, the largest cryptocurrency by market capitalization, has led the way. As Bitcoin’s price continues to trade sideways, investors and analysts closely monitor the market to predict where the price will go next.
In this context, the CEO of Pantera Capital, Dan Morehead, has made bullish predictions about the cryptocurrency market. In this update, we will discuss Morehead’s remarks and analyze what they could mean for Bitcoin’s price in the future.
Pantera Capital CEO: Next Bull Cycle StartedDan Morehead, the CEO of Pantera Capital, recently stated that Bitcoin has already entered its next bull market cycle, despite some market apathy. Morehead, the CEO of Pantera Capital said that Bitcoin is already in its seventh bull cycle and that investors shouldn’t be scared off by the drop in the crypto market after FTX.
In the company’s Blockchain Letter, he anticipated that 2023 would be a year of restoring faith in the crypto market and acknowledged that it had experienced lows during this cycle.
Morehead believes that it’s time to flip crypto bullish despite market apathy. He said, “Pantera has been through ten years of Bitcoin cycles, and I have traded through 35 years of similar cycles.”
According to Morehead, the crypto market, including Bitcoin, has already hit its lowest point regardless of how the interest rates fluctuate. He firmly believes that blockchain assets are in the next bull market cycle.
Morehead further supports his argument by stating that Bitcoin’s recent decline from its all-time high falls within historical norms. He predicts that Bitcoin will surge by 136% during the upcoming seventh bull cycle, leading to another all-time high.
Morehead used data to support his argument and stated that the decline in the crypto market from November 2021 to November 2022 was the median of a typical cycle. He pointed out that it was the only bear market that wiped out more than 100% of the previous bull market, specifically 136%.
Bitcoin Hash Rate Significantly Increases As Public Miners Jump InHashrate Index’s latest analysis reveals that publicly listed Bitcoin mining companies, such as Core Scientific, Riot, and CleanSpark, experienced a surge in Bitcoin production in January. This was attributed to stable electricity prices and improved weather conditions.
The analysis also showed a consistent increase in hash rate and BTC production compared to the previous month, as revealed in the first production update of 2023.
In January, the majority of public miners increased their Bitcoin production, with CleanSpark achieving a 50% boost, a record monthly production of 697 Bitcoins. Core Scientific led in BTC production with 1,527 coins mined, followed by Riot, the second-largest producer, with 740 Bitcoins mined that month.
Marathon and Cipher also witnessed notable increases in Bitcoin production, with 687 and 343 Bitcoins generated, respectively. This marked a significant increase compared to their December outputs of 475 and 225 coins.
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