CEO Pantera:

Pantera CEO: ‘Panic is over, now’s the time to buy’

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Pantera CEO: 'Now is the time to buy'

‘The market panic is easing so now is the right time to buy,’ said the Pantera Capital executive.

Pantera Capital CEO Dan Morehead confirmed that the sell-offs are slowing down because the panic has passed.

Sharing on Panteracapital, Morehead said that “this is the best time for investors to buy”, because, according to him, when the market is “below the trend”, it is an accumulation opportunity.

The “Bitcoin Deviation from 11-year trend” chart shows that Bitcoin is “cheap” relative to its long-term uptrend.

In addition, Morehead also asserted that “annual returns do not indicate that Bitcoin is overvalued.”

“Annual returns have never been so literally off the charts as at past highs. It’s currently at 281% y/y, which seems entirely reasonable given the money printing that took place during that period,” he added.

Talking about the current gloom, Morehead said there were three main news that caused the market to plummet.

First, China’s policy of clamping down on cryptocurrencies was one of the main factors that caused the global crypto market to plunge.

The second reason is American Tax Day.

According to his observations, every year on US tax day, the market takes a hit as investors liquidate some of their holdings to raise money for their tax bills.

The final reason is Elon Musk.

Obviously every tweet by Elon Musk has had a big impact on the crypto market. Musk himself has been a major contributor to the current drop since he announced “Tesla will stop accepting Bitcoin because of environmental concerns.”

All of the above reasons have caused the total crypto market capitalization to drop by 43% from the peak of $2.5 trillion in mid-May, further dropping more than $1 trillion in capitalization in the following weeks.

At the moment, the total market cap is stabilizing at $1.6 trillion.

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See more:

  • Indian Government Reconsiders Cryptocurrency Ban Bill
  • South Korea: Many altcoins are at risk of being delisted
  • Reasons Why Ethereum Gas Fees Drop by 90%

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