Bitcoin News: a long stretch of drought, Bitcoin (BTC) managed a slight recovery on Monday, which also happens to be the one year anniversary of its breaching $20,000. The spike in BTC has everyone wondering about the token’s future especially what 2019 has in store. Spencer Bogart, a partner of Blockchain Capital says that it the right time to buy Bitcoin.
Bogart took over a segment of CNBC’s “Fast Money” and elaborated about the current and the future state of cryptocurrencies. With a vested interest in the ecosystem, he bestowed positive thoughts and predictions over the markets. He started his segment by pointing out that BTC’s reaching its all-time high and then the subsequent fall was catalyzed by the overabundance of retail speculation, rather than the collapse of this industry.
Read more: Bitcoin Price Crosses $3500, Jumping More Than 10% On The One Year Anniversary Of $19,000
The fundamentals haven’t changed
Bogart added that despite the collapse, 2018 has been a great year for cryptocurrencies.
“The reality is that the fundamentals haven’t changed.”
Fantastic Buying Opportunity
When the CNBC anchor Mellisa Lee asked Bogart, whether the $3,200 dip is an optimal time to purchase BTC or other crypto assets from an investment standpoint. Bogart maintained his bullishness towards the token and stated that while prices could continue lower, “anywhere from here to $2,000, $1,000” remains a “fantastic buying opportunity.”
He was quick to add that in 18 to 24 months from now, many would look back in hindsight and claim “why didn’t I buy there.” Implying a brighter future for the token. When the host pushed for a crypto forecast by asking, if he agrees with the calls that BTC could eclipse $50,000 apiece.
Being a true blue BTC loyalist, he noted that the token could breach the aforementioned price level, more than two times above its all-time highs, as the crypto’s valuation models aren’t constricted by PE (price to earnings) ratios, but rather by network value. In saying so, he also added that he can’t predict a timeline for this grand event.