Bullish trading expert and head trader at Octagon Strategy Ltd., Ryan Rabaglia is all praise about Bitcoin. Rabaglia believes the largest cryptocurrency by market share is ready to hit even bigger heights, as the BTC price goes beyond $6500, after dropping below $6000 twice June.
Rabaglia said in a recent interview with CNBC that clearer market regulations will act as a catalyst for a sustained BTC price rally, as the uncertainty of regulations has been putting much pressure on the large market. Because the laws governing crypto commerce are so vague, even mainstream investors are somewhat reserved on committing completely to the market.
Once the regulation is established, professional players would be jumping into the market, and the ones already there are going to continue with their involvement once they get the regulatorily supportive environment that they’ve been looking for.
Despite the market struggle of Bitcoin, and cryptocurrency in general this year, Rabaglia remains bullish.
“There is still a lot of growth to [sic] sort of get through and to go through. That there are going to be a lot of obstacles in something so young and immature. But yes, we are still bullish, and we are still upgrading this space in a bullish manner.”
The market is still in a stage of infancy, as the Octagon trader and many others believe, and year after year it has been going up a hundred percent. We need to remember that the industry is only about eight years old.