Spencer Bogart, a digital currency expert and venture blockchain, Blockchain Capital said the price of Bitcoin (BTC) has almost reached its lowest, according to CNBC reports on October 5th.
Speaking at CNBC's "Fast Money", Bogart said that "we have dropped about 70 percent from our highs, so I think Bitcoin is close to the fund and so is the rest of the market." Bogart added that the news stream regarding the cryptocurrency industry "is a piece of ignition that we are about to throw on a future crypto bonfire when we have the next bull market." Bogart said:
"Towards the end of last year, when we were at the peak of this bull market, the bad news did not seem to have any effect on the markets […] Now we are seeing the other side of this when we have a week of news with TD [Ameritrade], Ric Edelman and Yale, and has almost no effect on the price ".
Bogart's forecast on the BTC price fund follows a similar sentiment from key market players, such as the founder of the encrypted investment company Galaxy Capital Management, Mike Novogratz. Novogratz said that the prices of digital currencies hit the bottom in a Tweet last month. Speaking at the Beyond Blocks conference in South Korea in July, Novogratz also predicted that many institutions will enter the cryptographic industry "in the next two or three years".
At the start of this week, Cointelegraph reported that 54% of institutional players think the price of the BTC has already hit the bottom, having reached its lowest price this year. Institutional players are also optimistic about the potential future growth of BTC. 57% of respondents in the survey said that the BTC price will reach anywhere from $ 15,000 to "the moon" by the end of 2019.
In July, Tom Lee of Fundstrat reiterated his bullish stance towards BTC, arguing that the major cryptocurrency could trade between $ 22,000 and $ 25,000 by the end of the year. Later in August, Lee predicted that BTC "could end the year exponentially higher", citing a correlation between it and emerging markets.
BTC recently witnessed an insignificant price change, which is only reflected in two successive price corrections since trading exceeds $ 6,600 at the start of its weekly chart. At the time of printing, BTC traded at around $ 6,606, up less than 1% in the last 24 hours.