Hedge Fund Boss Predicts Bullish Run For Bitcoin
Experts are of the view that due to recent market happening, bitcoin has hit its bottom, awaiting another bullish run.
Bitcoin Poised To Hit $10K
After cryptocurrencies hit all-time in 2017, the industry cap has declined by $575 billion. Looking at Bitcoin has declined by two-thirds compared to highs of $20, 000. At the moment, a majority are projecting that the cryptos are headed in the right direction. A hedge fund boss has come out to back this statement.
According to Spencer Bogart, from blockchain Capital, the crypto sector is headed to a bullish run, especially for bitcoin. Speaking to CNBC, events in the last few months is a clear indication that the sector is heading in the right direction. He said that bitcoin’s value is near the bottom.
At the beginning of the week, stock brokerage firm TD Ameritrade made public a planned to place a stake in ErisX. Additionally, the exchange platform Virtu Financial is set to join the New York bitcoin company.
Last week on Thursday, Ric Edelman revealed that he has a stake in Bitwise Asset Management. Elsewhere, David Swensen is believed to have bought a stake into crypto firm operated by Andreessen Horowitz and Paradigm.
With all these developments, Bogart stated that compared to 2017, when the bulls market were experiencing highs, the negative news appears to have zero impact on the industry. He compared it to the last week's events stating that it was clear that we have no impact.
Spencer added that he is sure that cryptos will not respond instantly to the developments, but it will act as a base for the next bullish run. His prediction is similar to a recent survey by Fundstrat that stated that over 50% of institutional investors think bitcoin has experienced the bottom level.
Institutions are facing the danger of traditional market volatility and a number of them are eying the crypto industry as a means of spreading the risk. This is evident by the fact that big buyers are taking over individual buyers by pumping millions into cryptocurrencies through OTC trading. As a direct implication, it means that bitcoin is set to achieve market stability due to the entrance of new players in the market.
The entrance of big firms means there is a grip on the sector and they do not want their investments to churned in another sector. Major expert are backing on this scenario to predict a bullish run.