Bitcoin is supposedly ”close to bottoming”, according to fresh comments by Spencer Bogart, an expert from the blockchain and cryptocurrency venture firm Blockchain Capital.
These recent comments came during Friday’s CNBC segment ”Fast Money”, in which he argued that Bitcoin’s gains in price against the US dollar during the past week could fuel further price increases.
”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,” Bogart noted in the segment.
Moreover, Bogart went on to add that the steadily building flow of positive news regarding the cryptocurrency industry will serve as ”a piece of kindling that we are going to throw onto a future crypto bonfire when we have the next bull market”.
This mainly stems from the fact that, as Bogart pointed out, good news have had little to no effect on the cryptocurrency market at the moment, whilst last year’s bull market saw the reverse effect, with bad news not having any substantial impact on the price gains.
Bogart also went on to suggest that seeing cryptocurrency prices level out and, thereafter, begin increasing would be a significant step towards boosting the industry’s attractiveness for traditional investors, labeling the developments as ”important building blocks to leading more institutional capital into the space”.
Furthermore, Bogart is not the first cryptocurrency industry figure to propose that the market is in the process of leveling out before seeing further gains.
Toshi Times has previously covered how Mike Novogratz of Galaxy Capital Management tweeted three weeks ago about cryptocurrency prices, stating that ”the bottom had been reached”.
At the time of writing, Bitcoin is trading at levels around $6,560, after reaching an intraday high of $6,641.48.
In addition to this, Bitcoin has been steadily trending slightly upwards during the past month, lending credence to the notion that the premier cryptocurrency’s price has indeed stabilized and bottomed out.
It will be interesting to see whether Bitcoin will continue to trend slightly upwards during the coming weeks and months. If it does, this could cement the suggestion that the negative market sentiment witnessed during the better part of the year may have been broken.
Moreover, Bitcoin price gains usually have spillover effects on the rest of the cryptocurrency industry, making the premier cryptocurrency’s performance a handy gauge for overall market sentiment.
Image Source: “Flickr”
Rasmus Pihl is a writer for Toshi Times by day and an avid follower of the cryptocurrency industry by night. Rasmus holds a Bachelor’s Degree in Marketing from the Gothenburg School of Business, Economics, and Law and runs a Swedish marketing consulting firm. Moreover, when he isn’t writing for Toshi Times, traveling, working or changing the world in some other capacity, Rasmus is more than likely caught up in postgraduate studies.