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On Friday, a partner at crypto-focused venture capital firm Blockchain Capital said that the Bitcoin price has nearly found its bottom, and soon, we will see the next bullish momentum.
After experiencing not the best times, the crypto market had a big last week. On Wednesday, TD Ameritrade announced a strategic investment in an exchange called ErisX to let consumers invest in cryptocurrency on a regulated platform.
On Thursday, cryptocurrency index fund leader Bitwise Asset Management announced an investment from longtime financial advisor and billionaire Ric Edelman.
Coinbase pleased its customets with the launch of three new products and introducing ‘Child Pays for Parent’ system to speed up Bitcoin payments.
On Friday, David Swensen, known as Yale’s Warren Buffett, invested in two venture funds dedicated to cryptocurrency for the first time.
Last week was pretty good for Bitcoin as well. The currency hovered at around $6,600. Despite the fact that Bitcoin is an unpredictably volatile asset and sometimes experiences huge ranges in price over very short periods of time, Spencer Bogart, an expert from digital currency and blockchain venture firm Blockchain Capital, does believe in the coin’s prosperous future. According to Bogart, Bitcoin is ‘close to bottoming’.
“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.”
“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.”
The bitcoin expert is sure that the crypto market will not react immediately to the events mentioned, but the entering institutional capital will prove to be the building blocks of the next bull run. Bogart said:
“I think it’s going to take a little bit of time, but each of these news items is a piece of [kindling] that we are going to throw onto a future crypto bonfire when we have the next bull market.”
An interesting survey has been carried out by Fundstrat. In that survey, 24 institutional respondents were asked about Bitcoin’s price, 54% said that Bitcoin had already bottomed, 13% said that they expected it to bottom by the end of 2018, and 8% said that they expected the bottoming to occur by March 21%.
On Friday, Bitcoin surged 0.21% against the US Dollar with highs of $6641. Currently, its price is $6,591. Spencer Bogart believes that there is more to come, and the currency will reach a $10,000 high by the end of this year.
I think we end the year with Bitcoin > $10k https://t.co/8kmKVXverd
— Spencer Bogart (@CremeDeLaCrypto) October 5, 2018
Bogart’s prediction about the BTC price bottom follows statements from other outstanding market players, such as the founder of crypto investment firm Galaxy Capital Management, Mike Novogratz. According to Novogratz, digital currency prices hit a bottom last month. Speaking at the Beyond Blocks conference in South Korea in July, Novogratz also predicted that many institutions would enter the crypto industry “in the next two to three years.”