In an interview with CNBC’s fast money, Blockchain Capital owner Spencer Bogart stated that he is expecting Bitcoin to hit a new high any time soon.
In the interview, Spencer’s statement showed a more optimistic tint as he went on to say that he had expected to see a new high in bitcoin after a series of lows and that the lows are already in.
Bitcoin had a blasting entry, with hitting over $20,000 mark just before the year began. Even for the last few months, Bitcoin may have seen a historic low of $6000, but is on a bullish rise now. The cryptocurrency was recorded to have hit the $8500 mark during May after which it retracted back to $6000; again hitting the $8500 and going back to $8200 towards the end of July.
— CNBC's Fast Money (@CNBCFastMoney) July 25, 2018
Since the coin bounced up after it $6000 low, it has reinforced the voices of many who are in support of cryptocurrency and ETF. According to Spencer Bogart, the coin is bound to rise as the factors causing its pull-back have lost momentum. He stated that factors like Global currency war, trade wars or an ETF approval can act as a catalyst and cause the coin prices to explode.
“It’s Possible we’ve seen the lows, and I’m definitely expecting to see new highs, I mean, listen I think prior times I’ve been in the show I’ve said expect to see new lows before new highs… That low may already be in.”
Spencer Bogart elaborated on the point of ETF, stating that 2019 may be the year when an ETF can be approved by the SEC. After the two rejections of the Winklevoss, the SEC has been taking the matter of ETF and offshore trade security seriously as the need of an ETF has become important not only from a legal but economic point of view.
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