Spencer Bogart on Bitcoin: "Now is a very good time to buy"
BY WILL HEASMAN
It's often been noted that Bitcoin (BTC) follows cycles, rising and falling almost predictably year on year, as its often said, history never repeats but its does rhyme. According to one analyst going by this theory, BTC may have already hit a bottom.
During an interview with Bloomberg TV, Bogart discussed the recent upswing in the market. With bitcoin having broken through $4000 that day, senior commodity strategists for Bloomberg, Mike McGlone, offered the opinion the BTC hadn’t yet bottomed, adding that major indicators conclude that there is more pain to come:
“I like to watch NVT ratio, transactions, volatility, all these things that have been synonymous with bottoms in the past, they show that the market is far away from a typical bottom you'd normally see."
According to McGlone, volatility is currently around 65% whereas a bottom, however, the strategist relays that a bottom would usually be secured at around a 15- 20% range of volatility.
While not outrightly disagreeing with McGlone, Bogart added his own bullish lilt to proceedings:
“Bitcoin never left; it's always been here. So, is it back? It's definitely back. Are we ready to see new all-time highs? Probably not yet. I still feel there's a few more regulatory shoes to drop, but for now, the entrepreneurial activity and the institutional interest in the space has not ceded with the price."
Bogart remained ambivalent as to whether a bottom was in or not, but was insistent that BTC was ripe for plucking:
"I think now is a very good time to buy. Is it the absolute bottom? I'm not sure."
elaborating on the aforementioned non-correlation between price and interest, Bogart Clarified that entrepreneurial activity has increased:
"It hasn't slumped at all in terms of entrepreneurial activity... We see more and more companies coming in every day, and the higher quality entrepreneurs as well... I think there is a strong case to be made that Bitcoin is the most compelling asset in the world right now.”
When asked what could potentially break the bulls grip, Bogart analogized crypto to a tinder box, ready to go up at any second, caveating only to say: “we need little bit more time to pass between the bull market of 2017 and where we are today”.
However, Bogart quickly continued on his bullish rant saying that things are “setting up nicely” communicating the recent report from Cambridge associates a pensions and endowments advisor recommending a look to the crypto markets.
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Article source: https://www.ccn.com/10-reasons-bitcoin-will-party-like-2017-for-a-massive-bull-run-in-2019
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