All cryptocurrencies are very cheap right now.
Cryptocurrencies are down by about 65% from their all time highs this year. If you’re thinking of increasing your holdings or getting in for this first time, this may be an ideal time.
There is another bull run coming and according to Dan Morehead, CEO of Pantera Capital Management, “It’s much cheaper to buy now and participate in the rally as it goes.”
The best time to increase your holdings is when there is doubt in the market and when the technical analysis lines up for a bull run ahead.
“When a (cryptocurrency) breaks through its 200-day moving average, if you buy that day and sell a year later, you make an average of 239 percent,” says Morehead.
Based on the moving average, and the continued consolidation, a stead rise is likely.
The important think to consider is that when the market becomes bullish, massive rises in valuation happen at exponential rates. So trying to time the exact moment of the next bull run may result in waiting to long. That said, there are now very clear signs of a bull run to come.
In Morehead’s interview with CNBC Fast Money back in April he projected that Bitcoin will break $20,000 by the end of this year. This is why Morehead has continued to point out:
“All cryptocurrencies are very cheap right now.”