Analyzing how Bitcoin may shape the future according to this expert
The performance of the King coin hasn’t been in the best of spirits lately, especially given its position of extreme volatility in the last few weeks. However, despite the constant state of war that Bitcoin (BTC) has been in, Dan Morehead, CEO of Pantera Capital, felt otherwise.
In a recent episode of the Bankless podcast, he stated,
“I think we’re done with the bear market. The next six to 12 months are likely to see massive rallies investors flee stocks, bonds, and real estate for blockchain.”
At the time of writing, BTC was trading at a value of $38,015 as per data from CoinGecko. The token was -1.6% down in the last 24 hours and was approximately lower by -3.9% in the last seven days. At press time, the Relative Strength Index (RSI) was fluctuating below neutral 50 at a score of 39.19. The Awesome Oscillator (AO) further substantiated the bearish movement of the token at press time.
Source: TradingView
Furthermore, as of 1 May 2022, the Bitcoin Fear & Greed Index also stood at a score of 22, indicating a sentiment of “extreme fear” with regard to the token. However, data from Glassnode justifies the statements made by Dan Morehead.
According to the data chart given below, the “Net Transfer Volume to/from Exchanges” stands at -3,012.95 BTC at the time of writing. The negative volume indicates that token investors are willing to hold onto their investments and not get pressurized by the bear cycle just yet.
Source: Glassnode
Commenting on the performance of BTC and the overall cryptocurrency market, Dan Morehead expressed his astonishment at the ongoing state of all the cryptocurrencies. He also addressed the reasons for the ongoing bear market and the correlation between macro news and the cryptocurrency market.
“Bear markets
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