Octagon Strategy, one of Asia’s largest digital asset brokerages, remains bullish on Bitcoin despite the recent downward trajectory that pushed the price below the $6,000 barrier last Friday. The company’s head trader told CNBC yesterday that a progressively formalized landscape will eventually drive prices higher.
Octagon Strategy Says Formalized Landscape to Drive Bitcoin Price Higher
Ryan Rabaglia, Head Trader of Octagon Strategy since 2015, a recent guest at CNBC’s cryptocurrency segment ‘The Coin Rush‘, explained his and the company’s long position on Bitcoin. The privately-owned commodity and digital asset trading firm is not worried about the downward push felt since all-time highs at the $20,000 area in mid-December 2017.
“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,” he told the network.
The time frame of the price analysis has been a common place for discussion. Bitcoin critics and bears usually point to specific periods where Bitcoin does fail to perform well. The year of 2018 so far has been disappointing for the cryptocurrency community. However, a broader view of price fluctuation provides more insight to the investor. A year-over-year analysis allows a trader to conclude there has been an overall bullish trend.
While Bitcoin dropped below the $6,000 mark for the third time in 2018, Rabaglia is confident that the price of Bitcoin will be buoyed by government regulation across the globe as a more formalized landscape is able to attract institutional investors and businesses to the ecosystem.
The regulatory maturity of the ecosystem is likely to drive the price of Bitcoin higher, according to Rabaglia, who finds that mainstream media and finance sources have contributed to the bearish sentiment over the future of Bitcoin and the cryptocurrency movement.
“I sort of look at it as a double-edged sword. The uncertainty that’s driven around this regulation is what gives pressure to this market and drives it further down as people don’t know exactly where it’s going to end up”, he stated. “At the same time that same topic is going to be what’s going to drive it higher in the end. 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.”
Coming from another downward push below the $6,000 line last Friday, Bitcoin has been quickly recovering strength. The milestone price was reconquered on Saturday and the market is now adding gains as it presses towards $7,000.