Since January’s plunge, crypto investors have been looking for signs of the market’s predicted rally this year. While the market is yet to recover its losses, a crypto expert is now saying that the end of the bear market could be at hand as Bitcoin, as well as the rest of the crypto market, might be already close to bottoming. But the best part is that the recent positive developments in the crypto space, which did not seem to positively affect the prices at present, could fuel the market’s momentum in the next bull run.
Crypto Market Close Bottoming
Last week was a remarkable week for the cryptocurrency industry with the media reporting a series of positive developments in the crypto space that CNBC described it as a “big week” for cryptos. However, the normally reactive crypto market appeared to be unaffected by the news last week, and surprisingly no Bitcoin rally happened.
But rather than seeing it as a cause for worry, Spencer Bogart from venture firm Blockchain Capital actually sees it as a positive sign that things are about to get better. Speaking on CNBC’s “Fast Money,” Bogart explained that the market could be bottoming:
“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 crypto market.”
The same price stability has also been observed by the US-based asset manager Blockforce Capital, according to Forbes. Bitcoin price has been fluctuating within a relatively narrow price range lately that, according to the report, the token’s price volatility is currently at its lowest this year.
Recent Positive Developments Could Kindle Next Rally
Last week can be said to be the best week for cryptos all year with a wave of positive developments hitting the market. For instance, TD Ameritrade announced its strategic investment into crypto exchange ErisX, giving its customers access to Bitcoin futures and spot trading. Meanwhile, financial advisor Ric Edelman invested in Bitwise, where he will also serve as the company’s advisor.
According to Bogart, these recent positive developments are important building blocks that could usher in more institutional investors into the industry. In fact, they might be the push needed to fuel the next crypto market bull market.
Bogart explained on “Fast Money”:
“I think it’s going to take a little bit of time but each of these news items is a piece of kindle that we’re going to throw on to a future crypto bonfire when we have the next bull market.”