Naeem Alsam, Chief market analyst at ThinkMarkets, Columnist at Forbes, and crypto enthusiast, said that the feeling of panic which is spreading throughout the crypto universe indicates that a bottom is close enough.
Even though, Aslam claims that the bottom is close, he didn't pinpoint where BTC would find that bottom.
According to Cointelegraph, the chief analyst pointed out the regulatory issues that are directed at the cryptosphere, referencing the SEC and the crackdown on ICO-funded projects.
'Everyone knows that, because regulators are not friendly. And as long as they maintain the same stance then we won’t see that huge rally for Bitcoi and we all know that', Aslam said.
Aslam is convinced that the recent hard forks are not a good sign for the industry either.
'We continue to increase the supply, and this is not really a good sign for the industry. I think these hard forks go against the major core elements and core values of Bitcoin.'
Bitcoin is currently trading at $4,024.43, up 3.07% since yesterday, while the total marketcap is just above $130 billion.
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