Last Friday, a partner at the crypto focused venture capital firm, Blockchain Capital has claimed that he believes Bitcoin price is about to surge after it soon finds it’s ‘bottom’.
This year, the crypto market has seen some massives changes, highs and lows all over the board but last week the markets seemed to be generally positive. On Wednesday, TD Ameritrade announced their investment in an exchange called ErisX in order to let consumers invest in digital currencies on a regulated platform. And on Thursday, cryptocurrency index fund leader, Bitwise Asset Management revealed an investment from longtime financial advisor of three new products and introducing the Child Pays for Parent system in order to make Bitcoin payments much faster.
Last week was a good one for Bitcoin too as the leading crypto hopped over the $6,600 mark. Even though Bitcoin is very unpredictable and very volatile in the market, some believe that the future is bright for Bitcoin. Spencer Bogart is one of them who believes that the currency is ‘bottoming’ as we speak and that the future is going to be good.
“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. Towards the end of last year, when we were at 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, Ric Edelman and Yale, and it has almost no effect on price.”
The crypto expert is confident that the market won’t react immediately to the aforementioned events however the entering institutional capital should prove to be the stepping stones for the next bull run.
“I think it’s going to take a little bit of time, but 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.”
What are your thoughts? Do think the worst is over for Bitcoin and the bulls will come out of their cage soon? Let us know what you think down in the comments below!