Mo.bi - Crypto Currency Tracker logo Mo.bi - Crypto Currency Tracker logo
Cryptoknowmics 2022-02-26 17:09:44

Bitcoin Will Rally Soon, According to Pantera Capital

Despite the recent turbulence in the cryptocurrency market, Hedge fund Pantera Capital predicted a surge in bitcoin’s price in the coming weeks. Tax Day Could Propel Bitcoin’s Rally In its report, titled “The Next Mega-Trade,” Pantera Capital pointed out the various reasons why bitcoin (BTC) could resume its bull run soon. One of them being the approaching “Tax Day,” which is on April 18th, 2022. The company reminded that during the previous bull runs of 2013, 2017, 2020, and 2021, bitcoin’s price soared significantly 35 days prior to the event. However, the crypto only incurred losses around that time as investors were selling their holdings to cover their taxes. “That makes some sense. A lot of crypto traders are new to investing. You can imagine a person buying as much bitcoin as they can. Since they’re “all-in” on crypto, the only way to raise cash to pay their tax bill is to sell some crypto. Prices fall leading up to Tax Day,” the report noted. Crypto Could Emerge as a Separate Niche Subsequently, Pantera Capital also believes that crypto industry will emerge as a separate niche on its own, meaning, it will be cut off from traditional financial markets and start trading independently “And so we think over the next number of weeks, crypto is basically going to decouple from traditional markets and begin to trade on its own again,” the Pantera report read. In 2013, Pantera launched the first cryptocurrency fund in the U.S....

Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.