Crypto Expert Spencer Bogart Tells CNBC Bitcoin Price Not Going Much Lower

Spencer Bogart, a cryptocurrency and blockchain expert expressed beliefs that the price of Bitcoin is about to hit its price bottom during an interview on CNBC’s Fast Money show.

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Spencer Bogart, a cryptocurrency and blockchain expert expressed beliefs that the price of Bitcoin is about to hit its price bottom during an interview on CNBC’s Fast Money show.

Bitcoin close to hitting bottom

Alex Kruger, a New York-based cryptocurrency and blockchain commentator recently stated that the intraday volatility of Bitcoin’s price has now attained a year-to-date low. Additionally, the volatility of Bitcoin has been very low over the past few months.

Bogart, however, stated that this situation could change at any time. He explained that Bitcoin and other cryptocurrencies are beginning to show signs that the long-awaited and anticipated price bottom would soon be reached in preparation for a huge market rally.

He stated that the price is down by roughly 70 percent from its all-time high and he thinks that Bitcoin is close to bottoming and so is the rest of the crypto market, but he thinks it would take a little longer than most people expect.

Bogart’s claims were echoed by some market experts like Tom Lee, the head of research at Fundstrat. He recently told CNBC Fast Money that institutional investors are calling a bottom for Bitcoin, which could serve as a trigger for their entrance into the market.

Mike Novogratz, the billionaire investor and founder of cryptocurrency bank Galaxy Digital claimed that crypto assets retraced the entirety of 2017’s bubble and predicted Bitcoin will reach $10,000 by year’s end.

Novogratz has since adjusted his prediction, claiming Bitcoin would struggle to surge past the $9,000 mark by the end of the year.

Relationship between news and prices is currently non-existent

During his interview, Bogart also stated that at the moment, there is little relationship between news and the prices of cryptocurrencies, unlike in last year’s bull run which saw record prices following positive news cycles.

He explained that the lack of movement is a function of the market. He pointed out since the end of last year negative news had a little negative impact on the prices of Bitcoin and other cryptos.

The first week of October has seen companies such as TD, Ric Edelman, and Yale all making moves into crypto space, yet these announcements had little to no effect on the price of Bitcoin, or any other crypto.

Even though the market has not reacted to the positive news with positive price movement, Bogart believes that the most important thing is that the impact of these developments will become very crucial very soon. They could be important in bringing in more institutional funds and interest into the crypto space.

TD Ameritrade’s investment in crypto exchange ErisX, for example, would allow its 11 million customers to gain access to easy-to-use, investor-oriented spot and physically-delivered cryptocurrency trading features.

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