Just after a year when Bitcoin (BTC) separated itself from other cryptocurrencies and rose to a new high of $20,000, a partner working with venture capital firm, Blockchain, in a bitcoin price analysis referred to today’s bearish market as a great opportunity to purchase at the Bitcoin stock price today. Spencer Bogart said this on a TV interview on Dec. 17.
Currently, the value of the bitcoin in trades is about $3,826, which is up by 2% and capping gains of about $260 a day before this publication was made. However, bitcoin stock price today has dipped down beyond 71% from its price point in the previous year, which is a massive bitcoin price drop.
Giving prominence to Blockchain Capital, and referring to it as a “long-term venture investor,” Bogart said.
Is it possible for Bitcoin to rise to $50,000? Of course. The bitcoin does not work on a similar type of price-to-earnings, enterprise value to revenue which usually places a cap or an upper limit on every other regular technology companies in their early stage. However, he didn’t say how long it will be.
In the course of the interview, TV host Melissa Lee railed against the belief that the remarkable bull run which the Bitcoin experienced in 2017 “could only go higher,” Bogart went on to say that the bull ‘belief’ is unquestionable, however, he singled out the fact that – till the present time – the major driving force of the bitcoin market has been retail [investors]. And as a consequence, bull market runs go up a little higher, and again, bearish dips a little lower.
Bogart, in a Bitcoin price analysis emphasized that amidst the Bitcoin price drop, the most important aspect, which is the core characteristics of the technology and the idea behind it is still solid.
The VC exec specially highlighted the great achievements in scaling that they recorded in 2018, with the Lightning Network which people leveraged on to trade with great speed and with a pocket friendly price.
Also, he brought to notice the rise in the institutionalization of the asset class, with this year’s endowments from United States Ivy League universities — including Yale and Harvard — the forthcoming Bitcoin derivatives and the global digital assets trading platform from the Intercontinental Exchange’s (ICE) “Bakkt,” and the establishment of more qualified custodians for crypto assets.
Bogart expressed confidence in Bitcoin stock price today and the future of the coin, based on the great talent that the technology has attracted, and also that more and more great minds are interested on working on Bitcoin.
Finally, admitting the unpredictable nature of the Bitcoin, Bogart said that a Bitcoin price drop which can cause the price to go as low as $2,000 or even $1,000 is possible. However this dip in the price is a great opportunity for buyers.
He also added that in 12 or maybe 24 months from now, we will look back in regret and ask why we didn’t buy when the Bitcoin price dropped.
Recently, Thomas Lee, crypto bull and co-founder of Fundstrat Global Advisors stated that the “fair value of Bitcoin is significantly higher than the current price.” He went further to suggest a price within the range of $13,800 and $14,800, taking into consideration the current number of functional wallet addresses, the amount of usage for every account, and several other elements that affects supply.
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