Bitcoin Watch – Octagon Strategy: Increased regulation will eventually drive prices higher

Octagon Strategy trader Ryan Rabaglia believes increased regulatory clarity will drive the price of Bitcoin higher and help it break out of a half-year-long bearish trend. In a recent interview with CNBC, Mr Rabaglia said: I think it’s more interesting to sort of remember where we came from in this market. Year-over-year we are up well over a hundred percent still and the markets are still in a growth phase, which I know a lot of people have been saying and have said and will probably continue to say — you have to be reminded that the industry is still only eight years old.”

“The uncertainty that is driven around regulation is what gives pressure to this market and drives it further down as people don’t know exactly where it is going to end up. But at the same time, that same topic is going to be what is going to drive it higher in the end. Once we actually establish that regulation, the professional players that are going to be entering the market and that have already going to continue and they’re going to get that support from the regulatory environment that they have been looking for.”

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