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It's been a year since bitcoin (BTC) reached its all-time high of nearly $ 20,000 and the price has continued to find lows since then. Throughout the year, bitcoin bulls have made bold calls by saying that the bitcoin will easily exceed the all-time high by the end of the year.
Bullco of Bitcoin
Former banker of Wall Street, founder and CEO of Galaxy Digital Capital Management, Mike Novogratz has predicted that the Bitcoin will reach $ 40,000 by the end of 2018.
Fundstrat of Tom Lee he continually launched bullish claims for Bitcoin, saying in October that Bitcoin could still reach $ 25,000 by the end of the year.
Spencer Bogart, a member of Blockchain Capital, a venture capital company, once predicted that Bitcoin would reach $ 50,000.
The infamous John McAfee has made scandalous calls at a price of $ 1 million bitcoins by 2020, where it continues to remain until today.
Countless other "respectable" names in the financial and investment space have made this type of call completely wrong.
Go back to reality
At the time of writing, Bitcoin is trading at around $ 3,500, which fell about 82% from the all-time high of 1 year ago. Last year it produced one of Bitcoin's most damaging bear markets to date and is not over yet.
However, considering how far we have come and how many positive developments have continued to occur, it seems likely that we are close to a minimum and that things will turn around soon.
The bullish case for Bitcoin
Just recently, during the CNBC Fast Money show on December 17th, Bogart did a interview where he attempted to rebuild his reputation from his bankruptcy of $ 50,000 BTC by the end of the year of this year.
During the interview, Bogart stated that today's bear market represents a fantastic buying opportunity as the price of Bitcoin has retreated significantly from its previous record high of nearly $ 20,000.
When asked about his previous forecast of $ 50,000, Bogart stressed that his venture capital company Blockchain Capital is investing in the long run. He then declared:
Could bitcoin go to $ 50,000? Absolutely. It does not have the same type of price-to-earnings, an enterprise-to-revenue value that normally poses some sort of upper limit or ceiling on a typical early-stage technology company […] How long will it take? I'm not sure.
The CNBC guest and interviewer, Melissa Lee, criticized the shared upside belief between investors and known names in space. He said it was hard to believe these people and to share their mindset when their calls turned out to be all wrong.
In response, Bogart explained that there is nothing wrong with this bull thesis and noted that speculative retail investors have entirely driven the bullish race. Which means that the market will experience these exaggerated peaks and lows.
He then explained that the fundamentals of bitcoin did not change and even strengthened during this bear market. In particular, he praised the progress of the bitcoin lightning network, explaining that it allows users to make transactions extremely cheaply and quickly.
To further support his bullish case on bitcoin, Bogart said that the institutionalization of the asset class has increased through institutions such as the Intercontinental Exchange (ICE) Bakkt, Nasdaqand others reinforce his confidence in the future of bitcoin.
He also proclaimed that the best and brightest minds are fascinated by the bitcoin and are working towards its development and success.
Time to buy Bitcoin?
Later in the interview, did Lee ask Bogart if the current Bitcoin price was a good buy or could he go lower?
In response, he said:
Could we go lower? Absolutely, I think anywhere between here and $ 2000 or even $ 1,000 is just a fantastic buying opportunity. I think when we look back to 24 or even 12 months from now, we'll say "why did not I buy it then?"
Do you think Bitcoin is a great buying opportunity right now? Are you buying Bitcoin at these prices? Let us know what you think in the comments section below.
