Following another rocky showing, Bitcoin somewhat bounced back on Monday after having dipped below the $6,000 mark for the first time after February, earlier this year.
With that said, these price fluctuations have not perturbed venture capitalist Spencer Bogart one bit, who despite the recent dip continues to remain “super bullish” on crypto. He even mentioned to CNBC that the price of all the top cryptos may go down even further but the profits will eventually come.
During his interview, Bogart also mentioned that:
“If we go back to the summer of 2017, when crypto prices were booming, there was about a 100, 200, maybe 300 new crypto hedge funds that were formed. In the year that has passed, many of these funds are now “hitting their one-year lock-up period”, which means that with the price of several cryptocurrencies have gone down more than 50 percent— thus many liquid providers are now looking to sell.”
Bitcoin fell below $6,000 on Friday for the first time since February after having touched an all-time high of around $19,500 last December. The scenario looked similar across the board, with nearly all of the major alt-currencies including Litecoin, Ethereum, Ripple facing unprecedented market droughts during the same time frame.
Crypto traders and casual enthusiasts continue to remain positive, with BKMC LLC CEO Brian Kelly saying that Bitcoin is already making a steady comeback owing to an “increasing demand coming from Asia.”
Well whatever may be the case, things as a whole seem to be looking better for the crypto sector— especially with new institutional money beginning to flow in with each passing day.