It almost feels as if the whole world is waiting for the next cryptocurrency market uptrend. Whether or not we will see any major developments in 2018 remains to be determined at this point. If Pantera Capital is to be believed, however, a major Bitcoin price turnaround is coming in the next two weeks. It’s a rather optimistic prediction, but it’s not impossible.
With so much momentum affecting the Bitcoin price last week, it has become rather evident the year 2018 is anything but positive so far. With all prices crashing hard in the first six weeks of the new year, people are growing concerned about the future of cryptocurrencies. Even though such negative trends are rather common in the world of Bitcoin, this recent dip is quite spectacular. Percentage-wise, it’s not the worst in history, but the value dropping from US$20,000 to US$6,500 was quite scary for novice holders.
According to Pantera Capital, it’s only a matter of time until the market turns around again. More specifically, they predict the Bitcoin price will see some major bullish momentum in the next two weeks. They initiated a 71-day countdown when the Bitcoin price started slipping. They’ve calculated that Bitcoin has lost 64% of its value since reaching its all-time high late last year. It is quite a steep retracement, but one that was bound to happen sooner or later.
Predicting the future Bitcoin price has always been rather difficult, for obvious reasons. Volatile markets like crypto are inherently unpredictable, and no one knows for sure what the future holds in this regard. The prediction made by Pantera Capital may not even come true in the end, as the markets tend to do the exact opposite of what most people predict. Even so, it seems the same bearish pattern has repeated itself time and time again.
More specifically, Bitcoin’s bear cycles usually result in a decline of 60% to 65%. This makes the current 64% reduction fall right into the predicted range, yet it doesn’t automatically mean we will see another major uptrend in the future. All previous bearish cycles were followed by major upswings, but it just goes to show there is a precedent for steep declines and massive bounces in the world of Bitcoin and cryptocurrency. Trends are made to be broken, though, which could mean the Bitcoin price may head in either direction in the coming weeks.
Moreover, it seems Bitcoin’s bear markets have lasted an average of 71 days. Since this downtrend began in late December, the “deadline” is set to expire in about two weeks from now. Do keep in mind this is only the average, though, and the current bearish trend may continue for quite some time to come. It is not impossible we will see a six-month bear market affecting the cryptocurrency markets. Anything is possible in this industry, and the past never predicts the future by default.
Surprisingly, Pantera Capital is not all that concerned about future Bitcoin regulation. Instead, they welcome it as a necessary change to further legitimize cryptocurrencies. It is evident more regulation could attract even more speculators and institutional investors, even though there is no guarantee of success whatsoever. The recent sell-off has created exciting buying opportunities for those looking to get involved in Bitcoin, though. Only time will tell if Pantera Capital’s prediction comes true.