Bitcoin rebounded Wednesday, making gains from a 24-hour low of $11,119 on spot exchanges like Coinbase, a price point not seen since August 5.
Constantin Kogan, partner at crypto fund-of-funds BitBull Capital, sees a sideways market, whereby the price of bitcoin could go either way.
“If sellers take control of the market, it is likely that BTC will be seen at $11,390 per coin. However, there is a chance the market will overcome resistance at $12,000 and retest the annual high at $12,300,” Kogan told CoinDesk.
Where the market goes next may very well hinge on the largest players. Institutional interest has a huge role in the crypto market for 2020, added Kogan. “Bitcoin is in many ways repeating the movement noted in the fourth quarter of 2016 - on the eve of the 2017 crypto boom,” he said. “But this time, institutions also play an important role in the market.”
Constantin Kogan, partner at crypto fund-of-funds BitBull Capital, sees a sideways market, whereby the price of bitcoin could go either way.
“If sellers take control of the market, it is likely that BTC will be seen at $11,390 per coin. However, there is a chance the market will overcome resistance at $12,000 and retest the annual high at $12,300,” Kogan told CoinDesk.
Where the market goes next may very well hinge on the largest players. Institutional interest has a huge role in the crypto market for 2020, added Kogan. “Bitcoin is in many ways repeating the movement noted in the fourth quarter of 2016 - on the eve of the 2017 crypto boom,” he said. “But this time, institutions also play an important role in the market.”
