Billionaire and Bitcoin bull Michael Novogratz believes that the Bitcoin price has bottomed out for the year. His analysis suggests that another rally could be on the way, and data analysts from the Trefis team are suggesting something similar.
Despite the huge loss of value from Bitcoin and the crypto markets over the last week or so, Novogratz doesn't belive that crypto investors should give in to pessimism. The head of the Galaxy Crypto Index fund claims on his Twitter account that the price hit its lowest point on September 12, and the downtrend should now start to reverse.
This is the BGCI chart...I think we put in a low yesterday. retouched the highs of late last year and the point of acceleration that led to the massive rally/bubble... markets like to retrace to the breakout..we retraced the whole of the bubble. #callingabottom pic.twitter.com/EasTBYgjSj— Michael Novogratz (@novogratz) September 13, 2018
Although this isn't the first time that Novogratz has predicted an end to the bear market, his sentiment was also echoed by a recent post on the Forbes website.
Trefis, a financial analysis team led by MIT engineers and Wall Street experts, claims that "it is only a matter of time before Bitcoin sees another strong rally", with positive fundamentals finally overcoming the sell-off and other negative technicals. The team has developed an interactive Bitcoin price estimator, which has apparently foretold price movements with over 90 percent accuracy in the past.
According to Trefis, "efforts by a wide range of big and small companies across industries to incorporate blockchain technology should inevitably boost the adoption of prominent cryptocurrencies and tokens in the long run...there should be a steady recovery in the number of unique users as well as transaction volumes on the Bitcoin network over coming months".
While admitting that "the pace of growth over the coming months is unlikely to be spectacular", Trefis believes that a price increase of around 30 percent is likely , with the increased demand seeing "Bitcoin prices reach around $8,500 by the end of the year."