For the first time in a blue moon, volatility levels in the crypto market have taken a sharp decline, as many digital assets, like Bitcoin, remain range-bound in spite of positive (and negative) developments. The stability seen in this budding market has led many investors to logically ask where Bitcoin and its altcoin brethren could be headed next.
Alex Kruger, a New York-based cryptocurrency and blockchain commentator recently stated that the intraday volatility of Bitcoin’s price has now attained a year-to-date low. Additionally, the volatility of Bitcoin has been very low over the past few months.
Bogart, however, stated that this situation could change at any time. He explained that Bitcoin and other cryptocurrencies are beginning to show signs that the long-awaited and anticipated price bottom would soon be reached in preparation for a huge market rally.
He stated that the price is down by roughly 70 percent from its all-time high and he thinks that Bitcoin is close to bottoming and so is the rest of the crypto market, but he thinks it would take a little longer than most people expect.
Mike Novogratz, the billionaire investor and founder of cryptocurrency bank Galaxy Digital claimed that crypto assets retraced the entirety of 2017’s bubble and predicted Bitcoin will reach $10,000 by year’s end.
Novogratz has since adjusted his prediction, claiming Bitcoin would struggle to surge past the $9,000 mark by the end of the year.
During his interview, Bogart also stated that at the moment, there is little relationship between news and the prices of cryptocurrencies, unlike in last year’s bull run which saw record prices following positive news cycles.
Even though the market has not reacted to the positive news with positive price movement, Bogart believes that the most important thing is that the impact of these developments will become very crucial very soon. They could be important in bringing in more institutional funds and interest into the crypto space.