Crypto chiefs say bitcoin prices have hit bottom and are consolidating.
Bitcoin was trading around $21,760 at 7 a.m. EST, down about 4% over the past 24 hours, according to TradingView data. The leading cryptocurrency by market cap is up about 31% year-to-date.
"Pantera has been through 10 years of bitcoin cycles, and I've traded through 35 years of similar cycles. I believe that blockchain assets have seen the lows and that we're in the next bull market cycle," said Pantera CEO Dan Morehead, adding: "Regardless of what happens in the interest-rate-sensitive asset classes."
Morehead said this bear market was the only one to completely wipe out the previous bull market, giving back 136% of the last rally. "I think we're done with that and beginning to grind higher," he said.
Osprey Funds Greg King shared a similar sentiment on Bloomberg TV, noting that each down cycle is slightly less than the previous one — "If that's the case this time, we've bottomed out."
King said prices wouldn't necessarily rise in a straight line from this point, as "the optimism translates into finding the wall of worry." The Osprey Funds chief was referencing a theory in traditional financial markets that says when markets are trending higher (in the early stages of a bull cycle), they are climbing a "wall of worry," or rising despite a lack of abundant positive sentiment.
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