Blockchain Capital Expert: ‘Bitcoin Is Close to Bottoming’

Spencer Bogart, an expert from digital currency and blockchain venture firm Blockchain Capital has said that the Bitcoin (BTC) price has nearly found its bottom, CNBC reported Oct. 5.

Speaking on CNBC’s “Fast Money,” Bogart asserted that “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.” Bogart added that the news flow regarding the cryptocurrency industry “is a piece of kindling that we are going to throw onto a future crypto bonfire when we have the next bull market." Bogart said:

“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.”

Bogart’s prediction about the BTC price bottom follows similar sentiment from major market players like the founder of crypto investment firm Galaxy Capital Management, Mike Novogratz. Novogratz said that digital currency prices hit a bottom in a tweet last month. Speaking at the Beyond Blocks conference in South Korea in July, Novogratz also predicted that many institutions will enter the crypto industry “in the next two to three years.”

Earlier this week, Cointelegraph reported that 54 percent of institutional players think that the BTC price has already bottomed, having hit its lowest price point this year. Institutional players are also bullish in regards to the potential future growth of BTC. 57 percent of respondents in the survey said that BTC price is going to reach anywhere from $15,000 to “the moon” by the end of 2019.

In July, Fundstrat’s Tom Lee reiterated his bullish position regarding BTC, claiming that the leading cryptocurrency could trade between $22,000 and $25,000 by the year’s end. Later in August, Lee predicted that BTC “could end the year explosively higher,” citing a correlation between it and emerging markets.

Recently, BTC has seen insignificant price change, which is reflected with only two subsequent price corrections since trading above $6,600 at the beginning of its weekly chart. At press time, BTC is trading at around $6,606, up less than one percent in the last 24 hours.