Bitcoin bounced back Monday after falling below $6,000 on Friday. But blockchain venture capitalist Spencer Bogart, who said he's "super bullish on crypto right now," told CNBC that prices will likely go lower.
"If we go back to the summer of 2017, when crypto prices were booming, there was about a 100, 200, maybe 300 new crypto hedge funds that were formed," Bogart, who is a partner at Blockchain Capital in San Francisco, said on "Fast Money" Monday.
Bogart explained that one year later, many of these funds are "hitting their one-year lock up." That means that with the price of several cryptocurrencies down more than 50 percent, many liquid providers — the people who act as intermediaries between the broker and the exchange — are looking to sell.
"They’re saying, ‘hey, I want to redeem out of that fund,'" Bogart said. "That means forced selling on behalf of all of these new crypto funds that have popped up. I think that could take prices artificially lower."