Spencer Bogart, former Bitcoin expert, and partner at Blockchain Capital calls out a bottom for bitcoin and crypto soon as big news of TD, Ric Edelman, and Yale entering the crypto market have no effect on price and further explains the new crypto bull market coming on.
Bitcoin & crypto bottoming soon & future crypto bonfire
For the last few days, Bitcoin has been inactive to the most part remaining near the $6k mark. However, according to Spencer Bogart, former Bitcoin analyst, and a partner at crypto and blockchain venture firm Blockchain Capital, Bitcoin is close to bottoming and once it bounces, the developments of this week will drive the Bitcoin’s ascend.
In an interview on CNBC’s Fast Money, Bogart shared,
“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.”
As we reported yesterday despite Bitcoin’s slow to no movement, big names are increasingly interested in cryptocurrency space. This has been certainly a big week for the crypto market as big names made their active moves. First, the fifth largest US Brokerage company, TD Ameritrade with about 11 million customers invested in a new crypto exchange called EisX that have been reported to offer Bitcoin and Ethereum spot trading and futures trading.
$80 billion brokerage giant TD Ameritrade just reaffirmed its big bet on crypto and its support for ErisX, the first Bitcoin + Ethereum futures market.
What’s important is the confidence of Ameritrade. It believes there is sufficient demand in the markethttps://t.co/SfIjORxsmg
— Joseph Young (@iamjosephyoung) October 4, 2018
Then, Ric Edelman invested in crypto Index leader, Bitwise Asset Management and joined its advisory board as well. Moreover, the Yale University invested in two venture funds focused on cryptocurrency. However, Bitcoin price didn’t react to the news as explained by Bogart:
“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.”
These developments are “important building blocks to leading more institutional capital into space,” clarifies Bogart.
So, when will market react? Bogart further explains:
“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.”
However, he did put this on Twitter, later on:
I think we end the year with Bitcoin > $10k https://t.co/8kmKVXverd
— Spencer Bogart (@CremeDeLaCrypto) October 5, 2018
At the time of writing, Bitcoin has been up by 0.60 percent gain at $6,610 while being 67 percent down from its all-time high (ATH) at above $19,000.