Over the past few years, the cryptocurrency market has grown at a rate never seen before. Bitcoin, the largest cryptocurrency by market capitalization, has shown the way. As the price of bitcoin continues to trade sideways, investors and analysts closely monitor the market to see where the price will go next.
In this context, Dan Morehead, CEO of Pantera Capital, has made a bullish prediction for the cryptocurrency market. In this update, we’ll discuss Morehead’s comments and analyze what they could mean for the bitcoin price in the future.
Pantera Capital CEO: The Next Bull Cycle Has Begun
Dan Morehead, the CEO of Pantera Capital, recently said that bitcoin has already entered its next bull cycle, despite some indifference in the market. Morehead, CEO of Pantera Capital, said that bitcoin is already in its seventh bull cycle and investors should not be scared by the fall in the crypto market after FTX.
In the company’s blockchain letter, he predicted that 2023 would be the year of restoring confidence in the crypto market and acknowledged that it had experienced lows during this cycle.
Morehead believes that the time has come for the cryptocurrency to be bullish, despite the market’s indifference. “Pantera has been through ten years of bitcoin cycles, and I have traded through 35 years of similar cycles,” he said.
According to Morehead, the crypto market, including bitcoin, has already reached its lowest point, regardless of fluctuating interest rates. He firmly believes that the blockchain asset is on its way to the next bull cycle.
Morehead further supported his argument, saying that the recent decline of bitcoin falls within the historical norm. He predicts that bitcoin will soar by 136% during the upcoming seventh bull cycle, leading to another all-time high.
Morehead used data to support his argument, saying that the decline in the crypto market from November 2021 to November 2022 was the average of a normal cycle. He pointed out that this was the only bear market that erased more than 100% of the previous bull market, specifically 136%.
Bitcoin Hash Rate Increases Significantly As Public Miners Jump In
The latest analysis of the Hashrate Index shows that publicly listed bitcoin mining companies, such as Core Scientific, Riot and CleanSpark, experienced an increase in bitcoin production in January. This is attributed to stable electricity prices and better weather conditions.
The analysis showed a steady increase in hash rate and BTC production over the past month, as revealed in the first production update for 2023.
In January, most public miners increased their bitcoin production, with CleanSpark achieving a 50% increase, producing a record monthly output of 697 bitcoin. Core Scientific led the way in BTC production with 1,527 coins mined, followed by Riot, the second largest producer, which mined 740 bitcoins that month.
Marathon and Cipher also saw a significant increase in bitcoin production, with 687 and 343 bitcoins, respectively. This marked a significant increase as compared to the December output of 475 and 225 coins.
IMF Warns El Salvador Against Bitcoin Bond Trading: What Does It Mean?
The International Monetary Fund (IMF) has advised El Salvador, the first country to recognize bitcoin as legal tender, about potential risks related to its growing reliance on the digital currency.
While the IMF acknowledges that the risks associated with bitcoin adoption have not yet materialized due to its limited use, it cautioned El Salvador to remain vigilant and ensure the transparency and integrity of its financial system.
An IMF report on February 10 examined El Salvador’s adoption of bitcoin and stressed the importance of transparency and caution in light of potential risks to its economic strength, consumer protection, financial integrity and stability.
The report was compiled by a team of experts who visited the Central American country and concluded that, while the risks associated with bitcoin have yet to emerge, it is important to address these potential risks.
The IMF stressed the importance of the Salvadoran government increasing transparency about its bitcoin transactions and providing a clear financial status report on its state-owned bitcoin wallet, the Chivo Wallet.
As El Salvador adopts bitcoin as legal currency in September 2021, improving transparency is critical, highlighting the need to fully understand the associated risks.
bitcoin price
live from today Bitcoin The price is $22,012, with a 24-hour trading volume of $16.6 Billion. Bitcoin has gained 1.54% in the last 24 hours. Bitcoin is currently ranked #1 on Coinmarketcap with a live market cap of $424 billion. The circulating supply of bitcoin is 19,288,937 BTC coins, with a maximum supply of 21,000,000 BTC coins.
Bitcoin price recently surpassed the $21,800 mark, taking it back to a lateral trading range between $21,800 and $22,350. On the upside, a break above the $22,350 mark could take BTC price towards $22,800 or $23,350.
According to the MACD and RSI indicators, there are signs of a minor downside correction in bitcoin price. If the price declines below $21,550, it could trigger a bearish breakout that could result in a decline towards the $21,150 level.
If bitcoin price breaks below $21,750, the downtrend could continue, with a potential drop to $21,200. A break below that level could result in a further decline in the price, with the next support at $20,600.
bitcoin options
Cryptonews Industry Talk has published a review of the top 15 cryptocurrencies to keep an eye on in 2023, which aims to aid in investment decisions. Apart from this, there are other investment opportunities with the potential for higher returns that may be worth considering.
Disclaimer: The Industry Talks section features insights by crypto industry players and is not part of the editorial content of 0x0news.com.
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