Panthera Capital analyst Joey Krug believes that the cryptocurrency market has bottomed out but he also believes that it will soon bounce back significantly.
Bitcoin (BTC) has been selling at around the $6,400 range in the past one week and the price has remained around that range as the volatility. Decreased trade volume has also contributed to the low volatility Bitcoin?s price movement. Meanwhile, some crypto experts believe that the market will experience a turnaround. Krug is optimistic that the market could even grow ten-fold from the current price levels.
“I think we are close to a bottom at this point. I think that the market is essentially rangebound, waiting for some catalyst to change that pattern,” stated the Panthera Capital analyst.
Prices stuck in a rut
Krug also believes that expensive rates for fiat-crypto exchange and slow transaction processing due to scalability issues are the main problems affecting the crypto market. However, some market experts are convinced that those problems are only temporary.
? CoinAxess (@CoinAxessCAX) October 17, 2018
Bitcoin was trading at around $6,536 at the time of this press while Ethereum?s price traded at $206. Analysts initially expected Bitcoin?s price to shoot up following the news that Fidelity Investments plans to launch a cryptocurrency trading and custody service targeting professional investors and hedge funds.
Is the market headed in the right direction?
Despite Bitcoin?s price failing to gain something, some analysts are still optimistic about Fidelity Investments? upcoming launch. They believe that the launch could steer the industry towards an evolution. ICOx Innovations president Bruce Elliott stated that seasoned investors have been blocked out of the cryptocurrency market or they have not been investing much in the market. He believes that it could be a sign that regulators and the financial markets are gaining more clarity about the crypto trading outlook.
As for the hopes about the cryptocurrency market growing ten-fold or so, there is still a lot of uncertainty. It is not easy to predict the direction of the market especially now that the hype has reduced. However, there is still a possibility of cryptocurrencies gaining by significant margins over the long-run especially as adoption continues.