As Bitcoin continues to trade in a fairly narrow range for the last month, industry expert Spencer Bogart holds that the entire market is close to the bottom.
The Bottom is Near
At the time of writing, Bitcoin (BTC) is trading at $6,601.69, which marks a slight increase of 0.40 percent in the last 24 hours. However, the cryptocurrency has been trading in a fairly tight range of $732 since September 7th, marking a 17-month low in its volatility levels.
According to Spencer Bogart of cryptocurrency and blockchain venture company Blockchain Capital, the world’s largest cryptocurrency and the entire market are close to the bottom. Speaking to CNBC’s Fast Money, he said:
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.
News Don’t Seem to Matter
Irrespective of Bitcoin’s stagnant market moves, the week was seemingly great for the digital currency and for the market in general.
As Live Bitcoin News reported earlier this week, TD Ameritrade disclosed an investment in ErisX – an exchange which delivers bitcoin spot contracts, as well as futures trading. Going further, a recent poll from Fundstrat Global Advisors showed that Wall Street investors are actually bullish on Bitcoin’s price.
Just yesterday, October 5th, Yale University was reported to have put up equity in a few investment funds which are targeted at the cryptocurrency market.
However, all of this failed to move Bitcoin’s price in an upwards direction. Bogart commented:
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.
Yet, he also holds that news of the kind are “important building blocks to leading more institutional capital into the space.” He also noted:
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.
Do you think Bitcoin and the rest of the cryptocurrency market have bottomed? Let us know in the comments below!
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