Now that bitcoin is making a comeback, a lot of investors and bitcoin billionaires are left giving their bullish predictions on how far the bitcoin is set to shoot up.
In an interview for CNBC’s Fast Money, Spencer Bogart explained his impressions of Bitcoin’s current situation in the market. For the well-known businessman, Bitcoin has already experienced the 2018’s record lows, and for the rest of the year, a bullish trend is expected.
Bogart noted that bitcoin is in a kind of tinderbox right now and waiting for reasons to go higher. Global currency wars, trade wars, an ETF approval are some of the possible catalysts noted by Bogart that may trigger the next upward movement in the price of bitcoin.
His comments show a more enthusiastic attitude compared to previous participation in which he has been more cautious:
“It’s Possible we’ve seen the lows, and I’m definitely expecting to see new highs, I mean, listen I think prior times I’ve been in the show I’ve said expect to see new lows before new highs… That low may already be in.”
Even though there have been speculations on a possible ETF approval in the near future, Bogart sees 2019 as a more realistic timeline for that to happen. However, he points out that while SEC’s ETF approval remains pending, other vehicles are already granting access to both retail and institutional investors into the ecosystem.
He said,
“My guess is sometime in 2019. I think the SEC is going to be thoughtful and take some time but… the cat is already out of the bag here.”
He explained that retail investors are already getting exposure through bitcoin companies like Coinbase, institutional investors are gaining access through companies like Bitwise Asset Management, and Europe already has ETPs.
Technical Analysis confirm Mr. Bogart’s opinions. However, being a volatile market changes can happen quite unpredictably:
“There wasn’t much to chew on for bulls last week as market watchers were mostly focused on the SEC decision on the bitcoin ETF applications. Some of these were shelved for a later decision date while the application filed by the Winklevoss twins was denied again.
With that, investors are hoping to get more positive industry updates this week to see the climb sustained. Security troubles like hacking incidents might force a larger retreat but more signs of institutional interest from big names could be enough to spur more gains.”
The bitcoin and cryptocurrency ecosystem is dynamic and remains a continuously evolving environment. Bogart describes it as a quintessential disruptive innovation that is going to favour startups rather than entrenched innovation. As the overall long term forecast portends an imminent disruption, the ability to predict momentary swings remains an essential aspect for most investors who seek the best avenues for maximum profit.
Also Read: Blockchain Venture Capitalist Spencer Bogart: “’I’m Super Bullish on Crypto Right Now”
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