US cryptocurrency hedge fund forecast: Bitcoin has bottomed out, this year will brake through 20,000 U.S. dollars.
Abstract: Pantera, one of the world’s largest cryptocurrency hedge funds, believes that the Bitcoin price has bottomed out recently, and that 6,500 U.S. dollars may be the bottom of the Bitcoin bear market. Bitcoin is likely to hit a record high and break through 20,000 U.S. dollars within a year. Bitcoin’s recent break below the 200-day moving average is a “rare buy signal” and the influx of institutional funds will push the market higher.
Information Network reported on April 16. US media said that a well-known cryptocurrency hedge fund said that bitcoin prices have bottomed out and are about to rebound.
According to a report from the Wall Street Journal website on April 13, San Francisco-based Pantera Capital Management stated that, in the current bear market, $6,500 is likely to be the lowest price for Bitcoin. The investment company also stated that the price of Bitcoin rose to a record high in one year, and the “high probability” of breaking through 20,000 U.S. dollars. As the leader in the cryptocurrency market, the company has made rare but significant short-term predictions.
The report said that the company’s chief executive officer and co-chief investment officer Dan Morehead wrote in his April business newsletter: “I seldom have such a good grasp of timing. A large number of institutional investments will drive the market significantly.”
According to the report, the company in Morhede has invested in digital currency and blockchain technology for four years. He said that generally no short-term trading forecasts will be made. He also said that only four proposals were made on cryptocurrency transactions: three of them were suggested buys and one was suggesting sells. But he said he is particularly confident that he is optimistic about Bitcoin’s predictions.
According to the “Bitcoin Counter” website, Bitcoin prices have been hovering around $7,000 in the first few weeks and have recently risen to about $7,800. In New York, Bitcoin prices rose by about $1,000 in one hour in the morning on the 12th, due to a large number of transactions. This is one of the biggest gains this year.
According to reports, this indicates that Bitcoin has rebounded from the sharp decline in recent months. After last year’s cryptocurrency trading period ended, the trading environment basically stabilized.
Although the price of Bitcoin rebounded on the 12th, it was still about 60% lower than the nearly 20,000 U.S. dollars at the record high in December last year. Investors and analysts, including Morehead, said that April 17 is the deadline for the US tax season this year, which also puts pressure on the cryptocurrency market.
According to reports, Thomas Lee, a managing partner of New York-based Fendstraart Global Consulting, said that US households should pay a capital gains tax of approximately 25 billion U.S. dollars for the cryptocurrency they hold, which is likely to result in There was a “mass” sale before the tax filing deadline.
However, Li said in a customer letter last week that the closer the tax filing deadline is, the lower the probability that it will become a market pressure catalyst.
Author: Marko Vidrih