On October 5, two cryptocurrency analyses published reports, both stating that the bitcoin market is slowing down. On the other hand, a survey of millennials showed increased interest and belief in a bright future for blockchain technology.
Spencer Bogart, a cryptoanalyst, stated that bitcoin is soon going to find its price bottom. Also, Element Group saw SEC’s ETFs decline as a reason why the bitcoin market is not growing. However, Clovr’s study uncovered that cryptocurrencies are the most popular investments for millennials.
Experts Think Bitcoin Market Is Bottoming
In CNBC’s report, Spencer Bogart and the Blockchain Capital firm expressed their views on the slowing bitcoin market. According to Bogart, bitcoin is nearing its lowest price threshold despite the mostly positive news. He said that last year, the bad news hardly had any effect on the crypto price. Now, however, the situation seems the other way around, and positive market trends do not affect the bitcoin market. Still, Bogart thinks that industry growth will come in the future.
On the other hand, Element Group has published a report on SEC’s refusal of bitcoin ETFs. The company believes that the bitcoin market slowed down mainly due to ETFs’ market entrance delay. According to their findings, the industry participants are “slowly adopting bitcoin as a [Store of Value] SoV.” Also, apart from the SEC decisions, illegal brokerage platforms negatively impact BTC’s growth as well.
Bitcoin Community Disagrees
Although experts see many reasons for the bitcoin market to slow down, other findings show different facts. According to the blockchain-related company, Clovr, millennials who earn between $75,000 and $99,999 annually see cryptocurrencies as the best investment choice.
Taking 1,000 individuals as a sample, 47% have already made an investment concerning digital coins. The main factor to move towards the crypto world is peer influence for about 40% of respondents, with 25% willing to invest again in the future. As for the Bogart analysis and Clovr reports, both sources believe bitcoin is poised to grow in value.