Spencer Bogart has stated that the price of Bitcoin is close to its bottom value. This has been reported by CNBC on October 5th.
He announced this when he was speaking on CNBC’s “Fast Money”. He asserted that “the price of Bitcoin is down to 70% of its higher value this means that the market price of Bitcoin is bottoming and so is the price of other currencies in the market. He further added about the news flow regarding the crypto industry “the news flow is nothing but a kindling piece that we will be throwing into the bonfire in the future”.
He stated that “at the end of the last year the cryptocurrency was on the peak of the bull market and a bad news didn’t affect the market at all but with the days passing by, the other side of the bad news is visible to the people”.
The prediction made by Bogart related to the cryptocurrency value is similar to the predictions made by Mike Novogratz, the founder of the crypto investment firm Galaxy Capital Management. He mentioned in a tweet last month that the price of cryptocurrencies is going to hit the rock bottom. He also mentioned that “the institutions that are going to be involved in the cryptocurrency market will increase in the coming two to three years” at South Korea Beyond Blocks Conference.
Cointelegraph has reported that 54 per cent of the players present in the institutions think that the price of BTC has already hit the bottom, as it hit its lowest price this year. They are also in the bullish stage regarding the potential of the future growth of BTC. 57 per cent of the respondents stated that the price of BTC is going to be in the range of $15,000 and can reach to the moon by the end of 2019.
Fundstrat’s Tom Lee has stated in July that the leading cryptocurrency, Bitcoin, is likely to trade between $22,000 and $25,000 by the end of 2018. Again in August, he stated that BTC could end on a higher note at the end of 2018.
Recently BTC has been facing a lot of price fluctuations and they were reflected with the price corrections trading above $6,600 at the start of the weekly chart. At the press time, BTC is trading around the value of $6,606.