Blockchain Capital Expert: ‘Bitcoin Nearing Its Absolute Bottom’

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Photo Credit: News SBTC

One of crypto currency’s most renowned figure and Blockchain expert, Spencer Bogart recently announced that Bitcoin is nearly hitting its absolute bottom.

Appearing as a guest speaker on CNBC’s “Fast Money.” Spencer Bogart noted that the leading cryptocurrency, Bitcoin is down about 70 percent from its recent high, so, he believes that Bitcoin is close to bottoming and so is the rest of the crypto markets. According to Bogart, the current news flow about the cryptocurrency market will propel the crypto community for the next bull market.

Bogart added that:

“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.”

This recent prediction about the price of Bitcoin nearing its absolute bottom is coming months after major market player and founder of Galaxy Capital Management, Mike Novogratz in a tweet, announced that the crypto market may have seen its absolute bottom. Also, speaking at an event in South Korea, Novogratz predicted that in the next two to three years, many institutions will enter into the crypto markets.

It would be recalled that during the week, they were reports which suggest that 54 percent of the players in the cryptocurrency industry believe that Bitcoin has bottomed, having hit its lowest price point this year. More so, institutional players have adopted a bullish sentiment regarding the potential future direction of Bitcoin. In a survey recently conducted, many of the respondents believe that Bitcoin could rally as far as $15,000 before the wrap of 2019

In July this year, Tom Lee another renowned figure in the cryptocurrency industry held on firmly to his prediction that Bitcoin could be trading between $22,000 and $25,000 by the year’s end. Later in August, he further predicted that Bitcoin could end the year in an incredible style after citing its correlation between it and other emerging markets.

In recent weeks, the leading cryptocurrency has witnessed insignificant price changes and has only seen two subsequent price correction since rallying above $6,600. As at the time of writing this report, the leading cryptocurrency was exchanging hands at $6,606, and up less than one percent in the last 24 hours.