Bitcoin Forum

Bitcoin Price Analysis: Buy Crypto While It’s Cheap, Says Hedge Fund Owner.

The cryptocurrency market has languished in recent weeks, as a widely-anticipated bitcoin price rally has yet to materialize. However, Dan Morehead, founder of cryptocurrency hedge fund Pantera Capital, says that now is a perfect time to buy.

Speaking with CNBC, Morehead noted that the bitcoin price has broken below its 230-day moving average, an event which has historically proven to be an excellent trading opportunity for investors willing to purchase bitcoin and hold onto it for at least a year.

“Without even thinking about it,” he said, “you make an average of 239 percent.”

“That’s the essence of this trade: It rarely ever gets cheap to its long-term average,” added Morehead, a former Goldman Sachs executive. “So today is a good day to be buying.”

Morehead, as CCN reported, correctly predicted that bitcoin would see a massive correction from its mid-December highs. However, a subsequent prediction that the market was beginning to enter a bull cycle perhaps jumped the gun because the bitcoin price stalled at $9,990 and dipped back down to a present value near $7,500.

Nevertheless, Morehead said that Pantera is still experiencing positive returns, largely because it has diversified its portfolio to include a range of cryptoassets. He said that the firm currently holds investments in approximately 35 initial coin offering (ICO) tokens, as well as 25 liquid cryptocurrencies. He is particularly excited about Augur, whose mainnet prediction market is preparing to launch after years of development.

“All cryptocurrencies are very cheap right now, he said. “It’s much cheaper to buy now and participate in the rally as it goes.”

He advised investors to enter the markets sooner rather than later so that they will already have strong positions once institutions become comfortable with making strategic investments in the space.

“Many institutions are essentially buying the rumor and selling the fact,” he said of concerns that the government will impose new regulations on the space. “Getting invested now so that in three, four, five months when the institutional, quality-regulated custodians that we’re hearing about come online, they’ll already have their positions.”

https://www.ccn.com/bitcoin-price-analysis-buy-crypto-while-its-cheap-says-hedge-fund-owner/

Institutions is the thing everyone is waiting for, and they will definitely enter, but nothing even remotely indicates that it will be this year. By explicitly stating a certain number of months you are basically trying to convince people to enter as soon as possible, but without offering any fundamentals backing up your claims. People shouldn't be fooled by the elite like that. Even if the price shoots up to $10,000 it is still a great long term buy. All these rushed predictions and recommendations are a plague to this market. This hedge fund manager has to deal with a lot clients bugging him why the market isn't moving, and he tries to change that. Glad the market doesn't give a damn.

That must be. If people understand how this market works they would have done the investments themselves. This forum is a solid benchmark tool to monitor the general noob to average joe mentality.

The far majority of them keep focusing on that $20,000 mark, and then mainly when it will be reaching that price again. If they bought anywhere near that peak, then I'm sure he will be bombed with complaints.

I wouldn't even be shocked if he during the massive bull run predicted that the market could even reach $50,000 in 2018. If that's the case, then I'm pretty sure that there is a lot frustration right now.

McAfee predicted that we would reach +$70,000 this year, and now he denies having said that last year.

I think it is a full time job at these hedge funds to keep investors optimistic that they not going to loose money on their

investments. Most of these investors are not in this for the long-term and I think their feet is getting very itchy by now. The

Germans seems to be at the forefront of institutional investment into Bitcoin and I suppose it will not take too long for the

rest of the markets to follow them. 

His funds have more than 700 million invested directly in companies that use Blockchain. I believe many of the investors are calling daily to him concerned about their investment.