Bitcoin’s [BTC] downfall couldn’t alter digital broker, Octagon’s “bullish” strategy
Bitcoin [BTC] is currently experiencing a fluctuating and more specifically a downward trajectory in the crypto market. However, headline is created when the famous broker in the domain of digital assets Octagon Strategy “remains bullish” amidst Bitcoin’s [BTC] price decline. According to a report by BCFocus, 70% declination of Bitcoin [BTC] price has led to the death of more than 800 cryptocurrencies.
It is predicted that Bitcoin [BTC] may receive future obstacles in addition to the bullish market trend. Ryan Rabaglia, the chief trader associated with Octagon Strategy has recently given an interview. In the interview, he states that perspective holds an important factor in determining the future of Bitcoin [BTC].
He believes that since the market of Bitcoin [BTC] is in a “growth phase” hence, there are plenty scopes for improvements. He elucidates the reasons for his company to remain thriving and maintain a bullish trend despite the company being “only eight years old.” He commented that the performance of Bitcoin [BTC] has been to “yield 100 percent year over year.”
According to him, “I think it’s more interesting to remember where we came from in this market and year [on] year we’re up well over one hundred percent.” Rabaglia has also presented his opinion about the negative impact of the regulation pervading in the market space. He expressed his views regarding the market condition stating that it should be considered as “double-edged sword.” He is optimistic about the regulatory framework because it not just affects the declination of this cryptocurrency but would also ensure its revival.
In the words of Rabaglia, “The uncertainty that drives around this market drives it further down as people don’t know where the price would end up.” He believes that the reason responsible to bring about its uncertainty would assist the crypto coin to make a come-back.
He commented, “once we actually establish that regulation, the professional and traditional players that are going to be entering the market… are going to get that support from regulators.” Among others, Octagon Strategy is one of those digital asset firms to maintain a bullish trajectory despite price declination of Bitcoin [BTC].
Opinions of Arthur Hayes, BitMEX CEO
Arthur Hayes, BitMEX CEO is certain that such a negative and downward movement in price would not continue for long. In the recent times, he has made a statement saying that Bitcoin [BTC] can again touch record high price levels. While accomplishing this mark, Bitcoin [BTC] can easily and successfully overcome this price declination. He believes, “something that goes up to $20,000 in one year can have a correction down to around $6,000.” His opinions on the market condition align with Rabaglia stating, “one positive regulatory decision away, maybe an ETF approved by the SEC, to climbing through $20,000 or even $50,000 by the end of the year.”
As per the last year prediction of Dave Chapman, the CEO of Octagon Strategy, Bitcoin [BTC] valuation actually increased in the last quarter. He pacified the crypto holders in this uncertain crypto market condition. Chapman has high hopes about Bitcoin [BTC] touching the $1000,000 level in 2018, itself. Thus, he asks the owners not to remain in a state of panic since “no one can stop it.”
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