Pantera Capital Claims Bitcoin Market will Turn Bullish SoonMarch 13, 2022
Under the current geopolitical environment, the stability of the digital asset market is under question. The recent year did not start with very great market performance. With crypto winter taking a turn for the worst following the Russia and Ukraine skirmishes. However, Pantera Capital analysts have good reason to believe that Bitcoin would soon be able to climb the ATH price ladder soon enough.
The latest report by the asset management company postulates that Bitcoin prices will recover in the upcoming weeks. The firm emphasized on the Tax Day even to propel the price of the top coin once again. The firm also presented the idea that the cryptocurrency market will soon be able to operate as an independent market separate from the traditional stock and forex markets.
Tax Day will Pump Bitcoin’s Price
Recently, Bitcoin prices plunged to $34K after the news about the Russian military entering the Ukrainian border. However, since then the top coin was able to recover its prices back to the $38K level. The crypto report published by Pantera Capital financial experts dubbed as the Next Mega Trade claims that the highly anticipated Tax Day will revamp the top coin.
The company emphasized that the bull runs of 2013, 2017, 2020, and 2021 followed the same pattern. According to the statistics, the prices of Bitcoin improved significantly 35 days before Tax Day. It is worth mentioning that Tax Day is the official date when the USA citizens and corporations are due to submit their income tax returns documents.
One important point presented by the Pantera Capital report suggests the idea that the cryptocurrency market will soon become a fully-fledged and internationally recognized investment space. Pantera Capital report claimed that the rapid loss of value of fiat currencies, the instability of national Treasuries, and mortgage bonds-based markets are a recipe for financial disaster.
Dan Morehead, the CEO of PC claimed that factors like the constant rise of interest rates are not going to stop anytime soon. He further added that these gloomy positions are not bad for the further development and growth of the cryptocurrency markets. He claimed that based on these factors, the cryptocurrency market will emerge as a standalone investment environment without reflecting influences from the traditional financial markets.