Bitcoin recently entered into a price recovery but some analysts believe that the recovery will only last short-term as Bitcoin is yet to find a bottom. According to hedge fund manager, Spencer Bogart, the leading cryptocurrency in the world per market capitalization, Bitcoin, will face another price retracement soon. However, he still insists that investing in Bitcoin is going to be beneficial by in long run.
Spencer Bogart, Blockchain Capital Partner, Says Bitcoin Hasn’t Reached Bottom
During an interview on Fast Money by CNBC this week, Spencer spoke about his opinion of Bitcoin. For months now, Spencer has been encouraging investors to buy Bitcoin, and even if he still strongly believes that it’s a good idea to buy Bitcoin, he said that Bitcoin is yet to reach a bottom. According to him, Bitcoin will face a lot of downward pressure in the coming months because of the incoming supply glut that was caused by the exit of cryptocurrency funds from the lockdown period.
Bitcoin (BTC) Price Today / USD
Spencer claims that Bitcoin is still the most solid digital asset in the cryptoverse due to its global presence, mindshare, and numerous use cases. He also said that the fact that Bitcoin is free from the SEC’s watchlist is another reason why it should be considered a solid cryptocurrency.
Bitcoin Price Analysis
Bitcoin was able rebound from a low of $6,000 to a high of $6,200 which came as a relieve to the market even if the gains were lost within a 24 hour period.
According to Spencer Bogart, the coming months are going to be full of cryptocurrency sell-offs as the hedge funds attempt to get their funds a year after the lockdown for cryptocurrency investors who entered the market during the bullish wave of 2017. He believes that investors should buy now and not wait for a bottom or they could end up paying more for the digital asset.