The total cryptocurrency market capitalization is right now worth $575 billion less from its all-time high, and the price of Bitcoin has dropped by two thirds since its peak of $20,000 in December last year. However, one hedge fund manager is in the latest digital currency news and says that this trend will probably reverse.
According to Spencer Bogart, who is a partner at the cryptocurrency and blockchain venture firm called blockchain Capital, Bitcoin could go into a bullish retracement, followed by the rest of the market.
Bogart was a guest at the CNBC Fast Money show where he expressed his stance towards the largest cryptocurrency by market cap.
After a flood of good news this week, #bitcoin is flat but @CremeDeLaCrypto says it just marked a bottom. pic.twitter.com/MQgVMR5ove
— CNBC's Fast Money (@CNBCFastMoney) October 5, 2018
Aside from Bogart, another financial advisor and a billionaire named Ric Edelman recently announced his investment in Bitwise Asset Management, a cryptocurrency index fund. Bogart, however, is quite confident in his estimates about Bitcoin. As he revealed in a Twitter post:
I think we end the year with Bitcoin > $10k https://t.co/8kmKVXverd
— Spencer Bogart (@CremeDeLaCrypto) October 5, 2018
“Towards the end of last year, when we were at the peak of this bulls market, bad news seemed to have no effect on the markets […] Now we [see] 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,” Bogart was confident.
According to his final thoughts, the crypto market would not react immediately to these events bu the institutional capital will prove to be the building block of a next bull run.
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