CEO of Pantera Capital says it's time to invest in Bitcoin
Dan Morehead,the CEO of Pantera Capital- a cryptocurrency firm focusing on digital currencies as well as Blockchain technology companies - made a very optimistic statement about CNBC's Bitcoin at Fast Money. The first cryptocurrency has seen an impressive rise of 165% annually over the past five years of its business. Pantera therefore benefited from an average of 25,000% in previous moving averages.
Buyers have the green light
Morehead predicted a very enthusiastic uptrend by saying that the price of Bitcoin will reach $ 20,000 in December 2018. It's around $ 8,000 to $ 9,000 these days.
Since mid-January, Bitcoin has experienced a sharp decline, which has supported the great volatility inherent in the cryptocurrency markets. "A rapidly growing market rarely falls below its 200-day moving average," added Morehead. This means that buying Bitcoin at its current price will provide much higher revenues. Following the downward trend of 2017, Pantera gained 25,000% at the end of the year.
He also shared a technical indicator that caught his eye. When the moving average is high, it usually means that the market will reverse very quickly. When prices are low, this indicates a change in the market. The 200-day maturity is mainly the closing price of the last 200 days. You do not have to be an engineering trader to spot the ideal investment moment. Trading signals can be obvious.
Epic reactions
Valerust Kus commented on Twitter:
The moment of truth when a CNBC expert trying to shit on Bitcoin claims that it is correlated with stocks. Pantera Capital Response: Correlation = 0.2%. ONLY 0.2% included?John Delirious has outbid:
Hey, CNBC News, why never comment on Bitcoin again. You know exactly what you are doing and how #bitcoin reacts to news. SMH!Pantera also responded by saying:
To put a little empirical evidence behind the statement ...... if you invested $ 100 on the day the Bitcoin price fell below its 200-day moving average and sold a year later, your total return would be 285% . Buy low, sell high.Roman Daszkiewicz tweeted:
It's been a vertical line for 8 years. The tone calms as it unfolds this invaluable line .... @ CarpeNoctom.What do you think of Dan Morehead's comments? Are you convinced that it's time to invest? Tell us your opinion in the comments section below.
Posted from my blog with SteemPress : https://infos.link/ceo-of-pantera-capital-says-its-time-to-invest-in-bitcoin/
Rise in Bitcoin making now a great time to invest. But buying the lows is a better strategy!
Yes I agree! This is for long term talking. :) Thanks for your comment !
This post has received a 4.11 % upvote from @boomerang.
This bot should not comment when voting ... I will stop using this one ..