Bitcoin Price Close to Bottom, Will See $10,000 this Year: Hedge Fund Mgr.

[MaluWang]

The cryptocurrency market capitalization has dropped by $575 billion since its all-time high, and the bitcoin price has dropped by two-thirds since it peaked near $20,000. But a hedge fund manager believes the trend is about to reverse.

Spencer Bogart, partner at cryptocurrency and blockchain venture firm blockchain Capital, predicted a bullish retracement for bitcoin and the rest of the cryptocurrency market on CNBC’s “Fast Money.” According to him, the recent week’s development in crypto-market could be the main reason why “bitcoin is close to bottoming.”

“Towards the end of last year, when we were at the peak of this bulls market, bad news seemed to have no effect on the markets […] Now we [see] 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,” Bogart said.

The bitcoin analyst believed that the crypto market would not react immediately to these events, but the inbound institutional capital will prove to be the building blocks of the next bull run. The sentiments appear in line with the 54 percent institutional players who, according to a Fundstrat survey, also think bitcoin has bottomed out already.

Read more the full news story, https://www.ccn.com/bitcoin-price-close-to-bottom-will-see-10000-this-year-hedge-fund-mgr/