There is an opinion that Bitcoin (BTC) follows certain cycles, rising and falling year after year. According to analyst Spencer Bogart, who adheres to this theory, the BTC course has almost reached the bottom.
In an interview with Bloomberg TV, Bogart discussed the recent rise in the market. Due to the fact that Bitcoin broke through the $ 4,000 level that day, strategist Mike McGlone expressed the opinion that BTC is close, but has not yet reached the bottom, indicating that the main indicators foreshadow further losses ( the $ 400 drop that occurred on February 24 confirms):
“I like to watch the NVT ratio, transactions, volatility, everything that was considered synonymous with the bottom in the past. So, they show that the market is far from typical bottom. ”
According to the expert, currently volatility is about 65%, the bottom is usually characterized by volatility in the range of 15-20%.
As for Bitcoin, the crypto enthusiast is confident that the climb to the peak value will be long, but the result will be worth it. The growing interest of institutionalists and businessmen make investments in top cryptocurrency profitable.
“Bitcoin never went into the background. Are we ready for new highs? Perhaps not yet. We need to finally solve the issue of regulation, ” – says Bogart.
Several factors speak in favor of BTC :
- Despite the collapse of the market, Bitcoin is increasingly being established as a “reliable and proven asset”.
- Technological demand for Bitcoin is one of the main achievements.
- The long-term first cryptocurrency contributes to the growing demand among large financial institutions.
According to Bogart, among the many cryptocurrencies , Bitcoin and Ethereum have the greatest financial and technological potential. It is on them that the users should focus their attention.
In his opinion, “things are going well”, here he cites as an example the report of the adviser on pensions and donations from Cambridge, recommending to pay attention to cryptocurrency.
Publication date 25.02.2019
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