Fmr. Bitcoin Analyst on Big Week in Crypto, Bitcoin Bottoming & New Crypto Bull Market

Published October 6, 2018 | Updated October 6, 2018

Spencer Bogart

Fmr. Bitcoin Analyst on Big Week in Crypto, Bitcoin Bottoming & New Crypto Bull Market

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.

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.


Also, read: Bitcoin getting Boring? Mainstream Big Names Unaffected as More Invest in Crypto Space

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:

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.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Anjali Tyagi 440 Articles
Having a background in writing, I worked on a wide array of industry topics and have recently entered the world of Blockchain and Cryptocurrency.
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