Blockchain Capital’s Spencer Bogart on Bitcoin’s Correction & BTC Bottom Still to Come

Bitcoin bounced back Monday after falling below $6,000 on Friday. But according to blockchain venture capitalist Spencer Bogart, it is still far away from rock bottom.

Bogart, who is a partner at Blockchain Capital said on CNBC’s Fast Money that many of the new hedge funds which popped up during the cryptocurrency boom in 2017 are “hitting their one-year lock up”, meaning liquid providers are looking to sell during a time when the market has been, for lack of a better term, ‘rekt.’

Bogart also claims that prices are still inflated. particularly when it comes to initial coin offerings (ICOs). The same could probably be said about many lower-level altcoins.

Bogart said many ICOs, or initial coin offerings — a crowdfunding way to raise funds for cryptocurrency ventures — in the market today are overvalued. But he pointed out that the price for bitcoin is “pretty good right now” if investors are thinking short term.

Bitcoin, which fell below $6,000 on Friday for the first time since February, reached an all time high of around $19,500 last December. That's a decline of nearly 70 percent. And it's not just bitcoin. Ethereum, litecoin, bitcoin cash and ripple are down for the year as well.

However, the Blockchain Capital partner noted that the price of Bitcoin is “pretty good right now”, at least in the short term. He also cautioned against the wait-and-see approach when it comes to buying the market leader at its bottom. Bogart added: “Most people that are going to wait for lower prices will end up paying higher prices than they are today. So I think the right move is to not try and time the market and try and average into it.”

Get Daily Headlines

Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

What to Know More?

Join Our Telegram Group to Receive Live Updates on The Latest Blockchain & Crypto News From Your Favorite Projects

Join Our Telegram

Stay Up to Date!

Join us on Twitter to Get The Latest Trading Signals, Blockchain News, and Daily Communication with Crypto Users!

Join Our Twitter

Add comment

E-mail is already registered on the site. Please use the Login form or enter another.

You entered an incorrect username or password

Sorry, you must be logged in to post a comment.
Bitcoin Exchange Guide