Will Bitcoin price (BTC) rebound this year? Bitcoin price traded in the red over the last three consecutive weeks amid downgrades from big names and price manipulation scandals. After losing billions of dollars over the past three weeks, the largest coin is now receiving strong support around the $7,000 level.
However, traders are in doldrums as its becoming more difficult to predict where the cryptocurrency market will move from here.
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Spencer Bogart, a partner at major VC firm Blockchain Capital and also one of the first Wall Street analysts to cover Bitcoin, suggests that traders should buy Bitcoin during dips.
Although he presented a pessimistic outlook for the short-term, the analyst sees a sharp rebound in the third and fourth quarter of this year.
Why is Spencer Bogart Optimistic?
Bogart expects Bitcoin price to extend its losses next month before bouncing back to $10K by the end of this year. Could Bitcoin trade lower? He says: “certainly”, but then added, “But I would bet Bitcoin ends at least above $10,000 in the year.”
Bogart’s claim for the potential upside is based on higher institutional adaptation.
He said, “The long-term thesis is very much intact… The institutionalization of Bitcoin is absolutely occurring…Every major bank is trying to do something in the space. Either they’re going to be offering Bitcoin to their clients, they’re working on a custody platform, or they’re opening up a trading desk.”
While the Wall Street expert was bullish on Bitcoin’s price outlook, he recommended selling some altcoins that are overvalued. He believes shorting Cardano, IOTA, TRON, and NEO is a good strategy, but he was “neutral” on Ripple, Ethereum, EOS and Bitcoin Cash.
The Market Reaction
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Spencer Bogart has highlighted a more conservative outlook then Brian Kelly and John McAfee – who both have been expecting Bitcoin price to make substantial gains, both in the short and long-term. Trader and market participants reacted positively to Bogarts claims.
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