BITCOIN is moving towards the $9,000 mark as the slow drip of bad news since the start of the year finally stops. The turnaround will be complete in around 19-20 days according to a hedge fund CEO who says that bitcoin has an average bear market of 71 days, and the current cycle is in its 53rd day
It’s good news for wallet holders after Pantera Capital founder and Chief Executive Officer Dan Morehead made a bullish call on bitcoin and the cryptocurrency market over the coming month.
Speaking to CNBC Mr Morehead said: “We’re certainly aware that it’s a very speculative market.
“Its volatile on the upside, but it can be volatile on the downside.”
The CEO noted that bitcoin had a tumbled 64 percent from its peak around $20,000 to its recent trough. He claimed that bitcoin has an average bear market of 71 days, and that the current cycle is in its 52nd day, “so it seems like another couple of weeks and everything will be kind of normal and it could start grinding back up”.
Ripple is priced at $1.06 this morning, with Ethereum at $851.