Spencer Bogart, a partner of Blockchain Capital, predicted a surge in value for Bitcoin and other cryptocurrencies given that it has bottomed.
“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 on CNBC’s popular show “Fast Money.”
He explained the theory of why Bitcoin will start to rise stating,
“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, Ric Edelman and Yale, and it has almost no effect on price.”
TD, Ric Edelman and Yale were in reference to goods news in the cryptocurrency market last week.
TD Ameritrade announced a strategic investment on the 3rd of October in ErisX which is an exchange which offers bitcoinspot and futures trading.
Known financial adviser and best selling author Ric Adelman invested in Bitwise Asset Management which is the leader in cryptocurrency index funds last week.
Yale, a leading university in the United States is part of an investment group that raised $400 million for a new cryptocurrency fund.
The year 2018 may not be noted so far for going according to cryptocurrencies favor but a bunch of predictions have mirrored Bogart’s sentiment.
For example, Tom Lee, head of research at Fundstrat believes institutional investors will enter the cryptocurrency market on a large scale . Given the agreement on Bitcoin being at the complete bottom. Lee predicted Bitcoin would reach $25,000 by the end of 2018.
Mike Novogratz, a Bitcoin bull and founder of Galaxy Digital believes Bitcoin will reach $9,000 according to his latest bitcoin price prediction.
With two more months remaining for 2018 and spectacular news last week, it is still to be seen what will play out to help institutional investors to get started on Bitcoin. Most of the indicators predict Bitcoin to be at the bottom. It might be a good time to research the market and prepare for a future bull run. This bold bitcoin price prediction is great in times like these. Hopefully, it will also come true in the short future.
Image Source – Flickr
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