In his latest comments about bitcoin, Spencer Bogart, an expert from the blockchain and cryptocurrency venture firm Blockchain Capital claims that the cryptocurrency
is supposedly ”close to bottoming.”
Bogart made these comments on Friday, in CNBC’s segment ”Fast Money”, during which he went on to make an argument stating that Bitcoin’s gains in price against the US dollar over the previous week could likely push for further price increases.
During the segment, In a statement, Bogart went on to say, ”We are down about 70 per cent from our highs, so I think that Bitcoin is close to bottoming and so is the rest of the market.”
Additionally, Bogart also went on to say that the recent positive flow of news regarding the overall cryptocurrency industry will arguably act as “a piece of kindling that we are going to throw onto a future crypto bonfire when we have the next bull market”.
However, Bogart also pointed out at the fact that in the most part of this year neither has good news nor bad news had any sort of notable impact on price gains or drops of cryptocurrencies, completely contrary to last year’s bull market saw the reverse effect.
According to Bogart, ”Now we are seeing the other side of that,” he further added, ”when we have a week of news with Yale, TD [Ameritrade], Ric Edelman, and it has almost no effect on price.”
These recent developments have been termed as ”important building blocks that will attract more institutional capital into this space” by Bogart
Notably, Bogart is not the first cryptocurrency industry figure of the suggestion that the crypto market is in the process of levelling out prior to witnessing further gains.
As just three weeks ago, Mike Novogratz of Galaxy Capital Management said via Twitter that the prices of cryptocurrencies have reached its bottom.”
Additionally, for the past month, Bitcoin has been steadily trending slightly upwards, arguably suggesting that that the premier cryptocurrency’s price has indeed stabilized and bottomed out.
If Bitcoin manages to continue to trend slightly upwards during the coming weeks and months it could most likely make investors believe predictions that the negative market sentiment witnessed almost all throughout the year may have been broken.
Normally, Bitcoin price gains usually have some sort of spillover effects on the overall cryptocurrency industry, that makes the premier cryptocurrency’s performance quite the handy gauge for overall market sentiment.