Bitcoin has hit bottom — at least that’s what Pantera Capital and Osprey Funds chiefs say

Crypto chiefs say bitcoin prices have hit bottom and are consolidating.

Bitcoin was trading around $21,760 at 7 a.m. EST, down about 4% over the past 24 hours, according to TradingView data. The leading cryptocurrency by market cap is up about 31% year-to-date.

BTCUSD chart by TradingView

«Pantera has been through 10 years of bitcoin cycles, and I’ve traded through 35 years of similar cycles. I believe that blockchain assets have seen the lows and that we’re in the next bull market cycle,» said Pantera CEO Dan Morehead, adding: «Regardless of what happens in the interest-rate-sensitive asset classes.»

Morehead said this bear market was the only one to completely wipe out the previous bull market, giving back 136% of the last rally. «I think we’re done with that and beginning to grind higher,» he said.

Pantera Capital on Bitcoin Price Cycles

Osprey Funds Greg King shared a similar sentiment on Bloomberg TV, noting that each down cycle is slightly less than the previous one — «If that’s the case this time, we’ve bottomed out.»

King said prices wouldn’t necessarily rise in a straight line from this point, as «the optimism translates into finding the wall of worry.» The Osprey Funds chief was referencing a theory in traditional financial markets that says when markets are trending higher (in the early stages of a bull cycle), they are climbing a «wall of worry,» or rising despite a lack of abundant positive sentiment.

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