Dan Morehead, The CEO of crypto investment firm Pantera Capital while talking in Blockchain Letter’s new edition says the harsh bitcoin bear markets is past. Furthermore, he will highlighting a bear market where BTC will decline to over 80% as impossible.
Also, Dan Morehead explains how Bitcoin is now in the post-halving era. So, it will no longer mirrors the extreme volatility of previous market cycles.
“I believe we are done with the four-year halving cycle – and on to the next price era…” “We’ve updated charts we’ve used since 2014 – showing the major bull and bear markets…”
“…My sense is that we finished the halving cycle in April…” Morehead continues,
“…We had a period of temporary insanity – where Chinese mining bans were thought to be negative and…”
“…a few people had blockchain ESG upside down – and now we’re in a new bull market.”
“I long advocated that as the market becomes broader, more valuable,..”
“…and more institutional the amplitude of prices swings will moderate.” Morehead concludes,
However, this new price stage will bring in bear markets. More so, bear markets way milder than the 2014 and 2018 corrective stages.
“While we’ve had two down 83% bear markets already,..”
“I believe those are a thing of our primordial past. Future bear markets will..”
“be shallower. The previous two have been -61% and -54%.”
Lastly, Morehead notes that shallower bear markets will come with one understanding.
“Unfortunately, there’s no free lunch. The flipside is we probably won’t see any…”
“more of the 100x-in-a-year rallies either. (There’s an amazing coincidence of the…”
“numbers -82/3/4% on here). If it ever hits -83% again, I’m going ALL IN.”