Investing.com - Pantera Capital Management says bitcoin hit a bottom at the $6,500 level and is on its way back up, probably to a new record high in the next year.In a letter to clients, the large cryptocurrency hedge fund says a turning point was hit when bitcoin recently moved back above its 200-day moving average. The firm first started investing in bitcoin in 2014 and is known for its Digital Asset Fund, which lost almost half of its value in March.Pantera, which hardly ever makes buy calls, said it rarely has such "strong conviction on timing."Bitcoin and cryptocurrencies just posted their best week of the year. Prior to that, bitcoin was down about 65% from its record high of almost $20,000 in December 2017.