Financial safety

Blockchain Capital Expert: ‘Bitcoin Is Close to Bottoming’

Spencer Bogart, an expert from digital currency and blockchain venture firm Blockchain Capital has said that the Bitcoin (BTC) price has nearly found its bottom, CNBC reported Oct. 5.

Speaking on CNBC’s “Fast Money,” Bogart asserted that “we're down about 70 percent from our highs, so I think that Bitcoin is close to bottoming and so is the rest of the market.” Bogart added that the news flow regarding the cryptocurrency industry “is a piece of kindling that we are going to throw onto a future crypto bonfire when we have the next bull market." Bogart said:

“Towards the end of last year, when we were in the peak of this bull market, bad news seemed to have no effect on the markets [...] Now we are seeing the other side of that, when we have a week of news with TD [Ameritrade], Ric Edelman and Yale, and it has almost no effect on price.”