The cryptocurrency market crash may just be reaching its an end as experts indicate the worst—of bitcoin prices—is already behind it.
Spencer Bogart, an expert from digital currency and blockchain venture firm Blockchain Capital has a slightly different yet optimistic take on this.
Bogart, who spoke on CNBC’s Fast Money, suggested that bitcoin [BTC] price has almost found its bottom. He based his argument on the trends and activities around the cryptocurrency markets stating that “each of these news items is a piece of [kindling] that we are going to throw onto a future crypto bonfire when we have the next bull market.”
“We’re down about 70 percent from our highs, so I think that Bitcoin is close to bottoming and so is the rest of the market,” he told CNBC.
“Towards the end of last year, when we were in the peak of this bull market, bad news seemed to have no effect on the markets […] Now we are seeing the other side of that, when we have a week of news with TD [Ameritrade], Ric Edelman and Yale, and it has almost no effect on price.”
Fundstrat Survey Suggest Crypto Market has already bottomed
Tom Lee, managing partner and head of research at Fundstrat, said earlier in the week that the majority of institutional investors believe that bitcoin price has already bottomed. He referenced results of a recent survey conducted by his Fundstrat, a notable market research firm.
The survey which polled 25 institutional investors as well as over 5,000 twitter participants showed that 54 percent of the institutional investors agree that the worst days were behind the bitcoin markets as against 44 percent of twitter respondents.
Just like Bogart, 24 percent of the Twitter respondents believe the bottom is close and will happen before the end of 2018. Majority of them were optimistic that BTC price will soar to more than $15,000 in the coming year.
Analysts Call the Crypto Bottom
Notable cryptocurrency analysts and traders have equally suggested that bitcoin price has bottomed. One of them is Mike Novogratz, a prominent cryptocurrency investor and founder of crypto investment firm Galaxy Digital Capital Management.
“I think we put in a low yesterday [Sept 12]. Retouched the highs of late last year and the point of acceleration that led to the massive rally/bubble…markets like to retrace to the breakout…we retraced the whole of the bubble.”
Cryptocurrency Price Watch
At the time of writing, much of the top cryptocurrencies are in green posting slight gain from the last 24 hours. Bitcoin [BTC] is trading at $6,611 to the USD less than one percent higher from the previous day. BTC has steadied between $6,500 and $6,700 in the last 30 days according to data from CoinMarketCap.