#Bitcoin:Expert Reveals Reason why Bitcoin Price Could soon Rally
The recent rise in the price of bitcoin, has attracted a lot of comments from experts, as one said bitcoin is likely to continue to rally as historical data reveals a continuous rise over the past eight years.
The price of the number one cryptocurrency, bitcoin, took a hit in January after banks and officials faced increased pressure to regulate cryptocurrencies, but the CEO of Pantera Capital, Dan Morehead thinks the worst is over for the cryptocurrency.
While speaking to CNBC, Mr Morehead said:
“Bitcoin has been growing at 165 percent a year for the six years that we have been in business. And something that is growing that fast hardly ever gets down below its 200-day moving average.When it does it is a very good time to buy. It did five years ago when we launched our first fund and it just crossed that earlier in April.”
“Technical traders use these different averages to decide when to get in. But it is amazing that bitcoin gets up so much quickly and when it just gets back to its average, that means it is time to buy again because it has been a vertical line for eight years.”
The CEO, added that there is a “rare opportunity” in bitcoin’s price decline since January.
“In December, when markets were going vertical, we did raise some cash so that if they crash we could be fully invested.We are now fully invested and I think this is a rare opportunity to get into something 65 percent below its highs – you don’t get that opportunity very often.”