Spencer Bogart, a partner at Blockchain Capital, believes that Bitcoin is poised for more upward price movement, given the plethora of positive signs in the market. The blockchain venture capitalist also agrees with those who say that BTC hit its price floor in June 2018.
Numerous Market Conditions Can Cause Bitcoin’s Price to Increase Further
In an interview with CNBC, Spencer Bogart highlighted the unique nature of the current BTC price rally. According to Bogart,
“Bitcoin is kind of a tinderbox right now, waiting for reasons to go higher. Any number of catalysts could send bitcoin exploding higher.”
The current Bitcoin price gains have come at a time when China and the United States are locked in a trade war. Beijing has responded by devaluing the country’s fiat currency. Consequently, BTC has become a valuable option for wealthy Chinese individuals looking to maintain their holdings; no one wants to store wealth in a currency that is being significantly devalued.
Not only in China, but in South Korea and Japan, the BTC trading volume has experienced a significant spike as a result of trade tensions and the need to hedge against uncertain market conditions. There are also rumors of a favorable SEC decision regarding Bitcoin ETFs.
Bogart sees all of these market conditions as reasons why the price of BTC can still materially increase in the coming weeks and months.
During the interview, he also expressed the belief that BTC had bottomed out for the year. Recently, Digital Currency Group CEO, Barry Silbert also made the same proclamation.
Bitcoin is Perhaps the ‘Best Cryptocurrency’
This isn’t the first time that Bogart has expressed optimism towards the future of the BTC market. In May 2018, he described Bitcoin as being one of the best cryptocurrencies. According to Bogart, the top-ranked virtual currency was among a select few coins that were excelling at their stated objectives.
At the time, BTC was trading at the $7,400 mark. He predicted that the price would decline before rallying to close out the year at $10,000. The first of his forecast came true in mid-June, but it remains to be seen whether Bitcoin can hit $10,000.
At the time of writing this article, the price of BTC is holding steady at $8,200.
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