Reported by CMBC on 5-Oct. Spencer Bogart described, who is an expert from digital currency and blockchain newly active organization Blockchain Capital that the Bitcoin (BTC) cost has reached its bottom.
Addressing on CNBC’s “Fast Money,” Bogart focused 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 said more that the report description regarding the crypto-currency world “is a piece of kindling that we are going to throw onto a future crypto bonfire when we have the next bull market”.
“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 prophecy about the BTC cost bottom coming after similar opinions from particular market gamers like the founder of crypto investment firm Galaxy Capital Management, Mike Novogratz. Novogratz told 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 said about future that many institutions will join the crypto world in the next two to three years.
Cointelegraph announced that 54 percent of institutional gamers consider that the BTC cost has already reached at low position, by hitting its lowest cost point this year. Institutional gamers are also spontaneous in regards to the potential future increment of BTC. 57 percent of answered by some person during survey said that BTC price is about to approach from $15,000 to the moon by the end of 2019.
During July, Fundstrat’s Tom Lee stressed again his quick position regarding BTC, accusing that the leading cryptocurrency was able to exchange between $22,000 and $25,000 by the year’s end. Lee enuciated in August that BTC “could end the year explosively higher,” stating a mutual understanding between it and starting to exist in markets.
Recently, BTC has seen an 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.
Mark Peter is a full-time member of the reporting team at Bitconews. He is a finance major with one five of writing experience. He has not held any value in Bitcoin or other currencies. He joins Bitconews as a freelance journalist, blogger and forex trader.
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