The founder of Pantera Capital Management, Dan Morehead suggests to buy bitcoin while it is cheap now. According to Coinmarketcap Bitcoin was trading at $7,508.60 USD.
One of most popular cryptocurrency, Bitcoin had reached the heights of $20000 in last year. Due to volatile nature of cryptocurrency, this year in month of February, it has dropped below $6000.
According to Dan Morehead, crypto investors told CNBC that,
“All cryptocurrencies are very cheap right now. So now is a good time to buy now and participate in the rally as it goes”.
Although there is a hype in cryptocurrencies are still unregulated industry. Due to its price fluctuations and unstable characters, market keepers are still into consideration crypto regulations.
Dan Morehead’s suggestion to investor concern ‘once a currency break its 230-day moving average, make a purchase and wait for a year and sell’.
“Without even thinking about it, you make an average of 239 percent. The trader said this strategy is best illustrated in bitcoin, a coin in which it “happened about five times in the last six years. That’s the essence of this trade: It rarely ever gets cheap to its long-term average. So today is a good day to be buying”.
Dan Morehead, the CEO and founder of Pantera Capital Management, a San-Francisco based investment firm focusing on cryptocurrencies. The firm was founded in 2013. Moreover, investment firm own around 35 pre-auction ICOs and 25 liquid blockchain currencies including BTC, ETH and XRP.
Dan Morehead concerning over the Bitcoin journey which seemed to be roller-coaster ride that wasn’t easy going for traders and investors. After moving away from Goldman Sachs, he said Bitcoin has given cryptocurrency’s market trends so its a right time to consider to make some Bitcoin purchase.
He further said,
“Bitcoin grew by 165 percent per year in five years ago. In Fact, “something that grows that fast” will hardly get below its 200-day moving average”.
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Image Source: Dan Morehead