Dan Morehead, the head honcho at Pantera Capital—a crypto investment powerhouse with over $4 billion in assets—says 2023’s the year to shake off the gloom and rebuild trust in web3. In their latest report, “The Seventh Bull Cycle,” the firm’s calling it: the bear market’s toast, and Bitcoin’s kicking off its seventh bull run.
Morehead’s not fazed by the FTX mess or the brutal 2022 slide. “This bear wiped out 136% of the last bull’s gains—the only one to overdo it that bad,” he noted, leaning on Pantera’s decade of riding BTC’s ups and downs. He’s got history on his side too: past bear markets averaged a 307-day, 73% drop, while the latest clocked in at 376 days and a 77% plunge. “We’re past that now,” he said. “I think we’re grinding higher from here.”
He’s betting big—predicting Bitcoin could soar at least 136% in this cycle, blasting past its old $69,000 peak to a shiny new high. It’s a bold call, but Pantera’s not alone. CryptoQuant chimed in back in January, pointing to BTC’s recent price pop as a teaser for a bigger wave coming soon.
