Bitcoin (BTC) has been trading in a close range for a couple of weeks. The digital currency has found a strong support level, and it could soon start a massive rally due to the positive developments around it.
Spencer Bogart – a partner at Blockchain Capital – predicted the next big move of Bitcoin (BTC). He said that Bitcoin (BTC) is “close to bottoming” after the digital currency saw a slight increase on Friday, with the investment of David Swensen in two crypto-related venture firms.
Bogart believes that the digital currency is close to its bottom because it has lost seventy percent of its value from its all-time high. He also pointed out the fact that Bitcoin (BTC) price has been stable for quite some time. It is similar to the trend seen in 2017 before the massive rally.
Yale’s Warren Buffet – David Swensen, Invests in Two Crypto-Related Venture Firms
On the October 5, David Swensen – popularly known as the Warren Buffett of Yale – made a strategic investment in two crypto-related venture firms for the first time. However, this has only resulted in a slight increase in the value of Bitcoin (BTC).
Ric Edelman Invests in Bitwise Asset Management
On the 4th of October, a billionaire investor – Ric Edelman, invested in Bitwise Asset Management, a digital currency index fund leader. The announcement was made by the firm. Nevertheless, it had no significant effect on the value of Bitcoin (BTC).
Bogart said during last year’s bullish market; negative news had very little or no effect on the crypto market. But now, the reverse is the case. With the positive news from Ric Edelman and David Swensen, the value of the digital currency only surged by a fraction.
However, he said the positive news around the digital currency are vital building blocks to lure more institutional funds and investors in the crypto-space.
Bitcoin (BTC) Price Today – BTC / USD
Bitcoin (BTC) is currently worth $6,628 after an increase of about one percent over the past twenty-four hours. The digital currency has seen a trading volume of $3.45 billion over the past 24 hours. Bringing its market cap to about $114.46 billion.