The total cryptocurrency market capitalization is right now worth $575 billion less from its all-time high, and the price of Bitcoin has dropped by two thirds since its peak of $20,000 in December last year. However, one hedge fund manager is in the latest digital currency news and says that this trend will probably reverse.
According to Spencer Bogart, who is a partner at the cryptocurrency and blockchain venture firm called blockchain Capital, Bitcoin could go into a bullish retracement, followed by the rest of the market.
Bogart was a guest at the CNBC Fast Money show where he expressed his stance towards the largest cryptocurrency by market cap.
— CNBC's Fast Money (@CNBCFastMoney) October 5, 2018
Aside from Bogart, another financial advisor and a billionaire named Ric Edelman recently announced his investment in Bitwise Asset Management, a cryptocurrency index fund. Bogart, however, is quite confident in his estimates about Bitcoin. As he revealed in a Twitter post:
I think we end the year with Bitcoin > $10k https://t.co/8kmKVXverd
— Spencer Bogart (@CremeDeLaCrypto) October 5, 2018
“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 was confident.
According to his final thoughts, the crypto market would not react immediately to these events bu the institutional capital will prove to be the building block of a next bull run.
Market Sees Red, Losing $1 Billion Overnight While Bitcoin Remains At $3,600
Crypto Analysts: 2019 May Be A Year Of Bitcoin Accumulation
“Similar to 2015, 2019 may be the year of accumulation.’’Another crypto researcher Willy Woo said that while a crash of bitcoin to $3,122 could lead to an increase in volume, it won’t show signs of starting of the accumulation period. He pointed out:
‘’Despite the technical setup that suggests bullishness is possible, there’s not a lot on-chain volume to fuel a prolonged up move. What we saw in the last 7 weeks was a spike of on-chain volume driven by volatility, coins moving to exchanges to trade. The initial volume spike false signalled a faster detox and an earlier end to the bear market, but in fact it was a volatility side effect. That move from $6k to $3k created immense trade volume, but it was in no way a signal that accumulation volume had begun.’’Until evidence for the accumulation of crypto assets shows up, there are still expectations of high volatility levels.
Scott Galloway Of UCLA Believes Crypto Will Get Worse In 2019
‘’VR and crypto go from bad to worse. AI fails to live up to the hype. 3D printing rises from the ashes. Smart cameras become a hot category.’’His assessment seems to be accurate but can the crypto market prove to be the odd one out? This can be so since many industries are really committed to the crypto sector. Companies such as Fidelity, ICE, and Nasdaq have funded at least five projects in the crypto space over the past year. Venture capitalist Jim Breyer even said:
“So many of the very best computer scientists and deep learning Ph.D. students and postdocs are working on blockchain because they have so much fundamental interest in what blockchain can mean. You don’t want to bet against the best and brightest in the world.’’
Pantera Capital CIO: “Bitcoin Will Not Succeed As Money”
"Bitcoin created the ability to send money around the globe cheaply and easily without having to trust a third party," Krug was confident.He also went on to discuss several revolutions in the past, from the information revolution triggered by printing press up to the telegram, telephone, radio, television and finally, the Internet. When asked about finance, Krug believes that the industry has made leaps of progress such as increases in execution speeds, online user interfaces, brokers etc. However, he stated that a financial revolution powered by the blockchain could advance us into a next era where money, value and finance will all be coordinated thanks to crypto.
"This infrastructure will be borderless, cheap, quick, and, most importantly, will let people trade on things they’ve never been able to exchange before, and if markets for those don’t exist yet, it’ll let them create it," Krug concluded.
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