Bloomberg Analyst Suggests Bear Market Is Far From Over

A Market analyst from Bloomberg and Blockchain Capital’s Spencer Bogart recently sat down in a head to head to talk about the current state of the crypto markets and Bitcoin.

Bogart said that the leading cryptocurrency is probably the “most compelling asset in the world” but he did add that he isn’t sure whether the price of Bitcoin has bottomed.

“Are we ready to see new all-time highs? Probably not yet. I still feel like there’s a few more regulatory shoes to drop. But for now, the entrepreneurial activity and the institutional interest in the space has not ceded with the price. I think now’s a very good time to buy.

Is it the absolute bottom? I’m not sure. Could be.

[Bitcoin] hasn’t slumped at all in terms of entrepreneurial activity. We operate a venture capital fund that invests in both digital assets and the companies, and we see more and more companies coming in every day, and higher quality entrepreneurs as well. I think behind the scenes when you think about Bitcoin as an asset, we think about this vortex of a macro environment with rising debt levels at all-time highs, money printing, this tension between nationalism and globalism and this notion of jurisdictional competition. I think there’s a strong case to be made that Bitcoin is the most compelling asset in the world right now.”

The Bloomberg analyst, Mike Mcglone says that some of the biggest indicators for Bitcoin show that the bear market isn’t over and that we’re probably going to have to suffer through the bear’s grip for a little while longer.

“It’d be nice if it is a bottom, but I think it’s unlikely. Basically, if you look at the price, it’s been trading between $3,100 and $4,100 since December and it’s basically doing the same thing it did last year. It’s consolidating at lower levels, and I think it still needs to go to lower levels…

Actual transactions are near levels when Bitcoin was last around $2,000. You look at addresses used – they’re basically at levels that are below the 2017 low, and that low was around $900. So these kind of indicators need to pick up.”

In terms of price, Bitcoin is currently slowing down after a short rally over the past few days. The price of the leading cryptocurrency is currently $3,984 following a 1.50 percent increase over the past 24 hours and has a market cap of $69,915,722,664.