Expert Claims That Bitcoin Price Has "Bottomed"

Cryptocurrency prices and the movement of the market are difficult to predict; still, there are so-called experts that try to make predictions about the turns of the market with different grades of success, mostly failing. Spencer Bogart, a partner at Blockchain Capital, a cryptocurrency investment firm is one of them, and he voiced his thoughts about the state of the market and why he believes that bitcoin price has bottomed out.
He was invited to CNBC’s show “Fast Money” where he discussed the reasons why he thinks that bitcoin has bottomed out. According to him, this behavior looks like the behavior that bitcoin price has last year December when bad news was aplenty during the extraordinary rise in prices. He states that while all this happened, these bad news had almost no effect in prices. To him, this is what is happening now, albeit in the opposite way.
Although having what many consider a very positive week for the cryptocurrency world, with Yale investing in cryptocurrency based funds and also Gemini achieving insurance for its assets, this good news have had almost no effect on bitcoin’s price. Although this is not a good thing per se, it marks the start of a good bullish run for bitcoin and the cryptocurrency market.
Spencer elaborated on that saying that every news that is bullish for crypto will feed the crypto bonfire of the bullish market that is coming for the end of this year. As good as this sounds, some other experts have reduced their expectations on prices for this year. This is the case of Mike Novogratz, a known cryptocurrency investor who said recently that he thinks bitcoin won’t cross the $10K market price for the end of the year.
But a thing that is definitely good for the market is the lack of volatility that bitcoin has shown in this period, moving sideways mostly. Though is only temporary, it shows that the prices have reached a certain stable level and this goes to show a certain maturity in the market.

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