The crypto space was all of fear and speculation due to several days of price falls, but today the Bitcoin price has recovered and has added a few thousand dollars. Along with Ethereum following the Bitcoin bull rally, most of the altcoins are slightly green.
Though Bitcoin bulls had pushed the currency’s price towards $47,000 soon bears took over the market control and pushed Bitcoin south. Due to this bearish action, Bitcoin first tumbled down to $45,000 before sliding towards $43,000.
Later the things worsened and Bitcoin bottomed towards $40,000 and even saw $39,000 before slightly gaining to the $41,000 level.
At the time of writing, the flagship currency is changing hands at $41,170 with an increase of 3.05% over the last 24hrs.
Analyst Predicts Massive Crypto Rally
A new blog post by Dan Morehead, CEO at Pantera Capital, an American Hedge Fund firm, is of the opinion that Bitcoin’s crashes and pumps will be less volatile in the coming days.
Morehead’s blog post says that more and more institutional ownership of Bitcoin and a higher Bitcoin market value will stabilize the top crypto asset’s price swings.
The blog says “ “While we’ve had two -80% 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%. Unfortunately, there’s no free lunch. The flipside is we probably won’t see the 100x rallies anymore either.”
Further, as he speaks about the present Bitcoin recovery, he argues that the current bear market is finished and Bitcoin has escaped to a new bull cycle.
He quotes that “The next 6-12 months are likely to see a massive rally as investors flee stock, bond, and real estate markets – for blockchain.”
Pantera Capital’s CEO Dan Morehead also asserts that in early April, Bitcoin was 56% below the exponential 11 years bull trend, and then he says this is a “rare” level of cheapness for Bitcoin’s market.