Blockchain Capital Expert says Bitcoin [BTC] Price Has Almost Bottomed

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.

He continued:

SEE ALSO:   Mega Print Solutions Provider, Xerox, Wins Patent For An Electronic Revision Blockchain Tracking System

“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.

SEE ALSO:   Circle’s Dollar-Pegged Stablecoin [USDC] To Be Added On Binance This Week

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.

As Smartereum reported in September, Novogratz posted a snapshot of his analysis on Bloomberg Galaxy Crypto Index (BGCI) showing that bitcoin has reached its lowest point. He wrote at the time:

“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.”

SEE ALSO:   Many SWIFT-enabled Banks Are Using Ripple’s Tech According To Brad Garlinghouse
Name Price24H (%)
Bitcoin (BTC)
$5,631.78
-2.47%

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.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.