Spencer Bogart Thinks That Bitcoin Is Close to Bottoming

In 2017, a lot of people decided to jump into the crypto market mainly because of Bitcoin’s rise to near $20K. But 2018 was a different story. Regulatory changes simply created a bearish market for the entire crypto market as many investors panicked considering the uncertainty whether or not cryptocurrencies are going to be banned or just regulated.

Different regulators from different parts of the world had different reactions to cryptocurrencies and blockchain. China, for instance, chose to ban cryptocurrency related activity primarily because of the possibility of capital flight. However, you have countries such as Japan and South Korea that have opened its doors to the crypto market and even embraced the technology fully.

But the question remains if Bitcoin is still going to go back to its bullish ways or will it stay afloat? Mike Novogratz has already mentioned that Bitcoin may have already bottomed. The good news is that he isn’t exactly alone in his opinion. You have the likes of Spencer Bogart of crypto venture firm Blockchain Capital.  He said that “We’re down about 70 percent from our highs, so I think that Bitcoin is close to bottoming and so is the rest of the market”.

The Possibility of a Bull Run?

Is there a possibility of another bull run? Many are hoping that institutional investors take part in the crypto market. With fresh capital from institutional investors, it is possible that the crypto market even surpasses its all-time high.

But if you are going to ask the analysts from Element Digital Asset Management, their new report says that crypto may have “run out of juice”. Thejas Nalval and Kevin Lu, portfolio director and director of quantitative research at the company openly discussed the trends and possible theories regarding the performance of cryptocurrencies today. The report said that “One can argue that the depressed volatility patterns we’re seeing with Bitcoin is the market slowly adopting Bitcoin as a SoV. That’s a fun theory but premature. One can also argue that Bitcoin price discover is becoming more efficient due to more natural demand and natural supply. Also possible”.

A Bitcoin ETF?

Though many are optimistic regarding the possibility of a Bitcoin ETF submitted by Solid X and VanEck, the report mentioned that “market participants should be open to the possibility that a Bitcoin ETF will not be approved in the next one or two years”.

A Bitcoin ETF is said to be a game changer for the crypto market. There is the possibility that you will get to see more institutional investors participating in the market. However, having a Bitcoin ETF today is easier said than done. That is even if you have someone like Hester Peirce in the agency that more or less has a friendlier approach to the crypto market.

Many have already attempted to submit their Bitcoin ETF application to the SEC. However, the agency hasn’t really approved any of it. You even have the likes of Cameron and Tyler Winklevoss that submitted their Bitcoin ETF application twice already. When their application was denied for the second time, the agency cited the possibility of price manipulation to be the reason for its denial.