Bitcoin has struggled throughout the entire year. And though we still have a month to see a bull run, many are exhausted and think that recovery isn’t going to happen until next year or even 2020. Mike Novogratz believe that there will be a boost in the crypto market as early as next year.
Novogratz is the same person who thought that Bitcoin has bottomed at around $6,200 to $6,500. This was the range of Bitcoin’s price when a lot of observers thought that the crypto market has matured. But after the Bitcoin Cash hard fork, things went south even reaching below $3,500.
Bitcoin today has been able to move from $3,700 to $4,000 today. On December 3, Bitcoin was at $4,000 and crypto observers believed that dropping below this level would make Bitcoin reach mid-$3,000.
For Naeem Alsam who is a crypto observer and Chief Market Analyst at ThinkMarkets, he discussed a number of pertinent issues surrounding the market. He discussed the regulatory concerns not to mention the possibility that Bitcoin has already bottomed.
Bitcoin has been struggling mainly because of the strict approach of the Securities and Exchange Commission. Recently, two companies were fined for selling unregistered securities. And also, celebrities such as Floyd Mayweather and DJ Khaled were also targeted by the agency.
Alsma mentioned that “Everyone knows that because regulators are not friendly. And so long as they maintain the same stance then that we won’t see that huge rally for Bitcoin..and we all know that”. SEC’s chairman Jay Clayton even mentioned that there has to be changes in the crypto market before the agency gets comfortable approving a Bitcoin ETF. A few months ago, a number of Bitcoin ETF applications were rejected by the SEC citing the possibility of price manipulation.
Are We Going to See the Bottom Soon for Bitcoin?
How low can Bitcoin get? There was a prediction that Bitcoin could even reach $2,800. As for Alsam, he mentioned that panic throughout the market may indicate that the bottom is “close enough”. He also added that crypto is “very close to finding a bottom”, though he is hesitant to give a particular price.
If you are going to ask Mati Greenspan who is the cryptoanalyst for eToro, he suggests that investors take more precaution when it comes to dealing with the market. He hesitated to call an exact bottom as well for Bitcoin and for other altcoins. He explained that any type of investment is all about the waiting game. He believes that “HODLers” should look for ways to make money as they wait for Bitcoin’s next move rather than waiting to open or to close a trade.
As for the future of Bitcoin, he mentioned that “So Bitcoin has gone through various boom and bust cycles over the course of its short history…You do get a lot of newcomers into the market, and then after that during the retracement, and then relaxation period. This is an excellent time for people to up there knowledge to learn more about the industry, more about crypto assets, more about how things work”.
Now, do you agree that Bitcoin is about to reach the bottom? Or do you think that we are going to see it go lower even more?