Bogart: Bitcoin is Close to Bottoming Out
Spencer Bogart says Bitcoin is close to bottoming out.
Bogart, a partner at Blockchain Capital, believes the top-ranked cryptocurrency will soon begin to manifest another bull run based on the many recent positive developments occurring in the industry.
An Approaching Future Bitcoin Bonfire
In an interview with CNBC on Friday (September 5, 2018), Boggart said that Bitcoin would recover once it bottoms out. Commenting on the impending BTC bottom, Bogart noted:
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.
When asked about the prolonged sideways BTC price action despite the raft of positive developments in the industry, Bogart drew parallels with the last year’s bull run, saying:
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.
In the whole of Q3 2018, the top-ranked cryptocurrency traded in tight ranges — reaching its peak price of $8,400 in late July. Most of August and September was spent in the mid-$6,000. Also, BTC has set consecutive lower monthly highs and higher monthly lows, signaling narrowing price volatility.
Some experts believe this prolonged sideways price action will lead to a price breakout. For Bogart, this breakout will be in the upward direction. During the interview, he described the many positive developments as “piece of kindle” that will ignite the next “cryptocurrency bonfire.”
Bitcoin Above $10,000 Before the End of the Year
In a follow-up tweet posted on Friday also, Bogart predicted that BTC would end the year trading above $10,000. At the time of writing this article, the BTC price is $6,600.
I think we end the year with Bitcoin > $10k https://t.co/8kmKVXverd
— Spencer Bogart (@CremeDeLaCrypto) October 5, 2018
Bogart’s price prediction seems to be in keeping with the consensus among institutional investors regarding the prospect of Bitcoin. In a recent study by Fundstrat Global Advisors, the majority of the institutional investors surveyed said that BTC would exceed $15,000 by the end of 2019.
For Bitcoin enthusiasts, Q4 might bring with it the start of another significant price rally as has been the case in recent years. However, Rob Sluymer of Fundstrat believes a few more months are still required to recover from 2018’s decline before any significant bull run can emerge.
Do you think cryptocurrency prices will increase during a recession? Let us know your thoughts in the comment section below.
Images courtesy of Shutterstock, CoinMarketCap.