Spencer Bogart: Bitcoin Is Close To Finding A Low
Venture Crypto Company Expert Blockchain Capital Spencer Bogart believes bitcoin is close to signaling a reliable low.
“Bitcoin has dropped about 70% from its highs, so I think it is close to finding a low, like the rest of the market,” Bogart told CNBC on October 5, adding that the positive news that accompanies the development of cryptocurrency industries – “these are the chips that we will throw into the fire during the next bull market”.
“Late last year, when the bull market was at its peak, the bad news had no effect. Now we see the situation from the other side, where the news about TD Ameritrade, Rick Edelman and Yale has almost no effect on the price, “he explained..
Bogart’s conclusion that Bitcoin is close to hitting a low is consistent with the opinion of crypto investment firm Galaxy Capital Management founder Mike Novogratz, who tweeted it last month. Speaking at the South Korean conference Beyond Blocks in July, Novogratz suggested that many financial institutions will enter the cryptocurrency space in the next 2-3 years..
According to a study published this week, 54% of institutional investors believe that the price of bitcoin has already reached its lowest for the current year. 57% of respondents said the value will be above $ 15,000 by the end of 2019.
In July, Fundstrat analyst Tom Lee confirmed his forecast that Bitcoin will trade in the $ 22,000 – $ 25,000 range by the end of the year, and in August said that the real value could be significantly higher, citing the correlation between cryptocurrency and emerging markets..
Meanwhile, Novogratz moderated his forecast and said that the market is unlikely to see bitcoin above $ 9,000 this year, but confident growth could begin as early as next.
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