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Bitcoin has seen strong gains over the last week — trading at about $8,200 as of the earlier hours of Thursday.
But the largest digital currency by market cap still isn't close to its December, 2017 high of $19,783.21. Now, market watchers are waiting in anticipation for the next jump — or decline.
"Any number of catalysts could send bitcoin exploding higher," Spencer Bogart, a partner at Blockchain Capital, told CNBC on "Fast Money" Wednesday.
Those catalysts include global trade tensions, the possibility of a bitcoin ETF, rising currency rates and Mastercard's recent announcement of a new patent that could allow bitcoin transactions on credit cards.
"Bitcoin is kind of a tinderbox right now, waiting for reasons to go higher," said the venture capitalist.
In May, even as bitcoin continued to fall, Bogart said it was the only digital coin worth buying, as more banks and large institutions were beginning to accept the coin, and urged long-term investors to get on board.
Other cryptocurrencies, he said, were "over-promising and under-delivering. Meanwhile you have a few that are kind of excelling at their use cases. Bitcoin being one of them." He said bitcoin, which was priced around $7,400 at the time, would likely go lower before hitting at least $10,000 by the end of 2018. The coin fell below $6,000 the following month.
On Wednesday, Bogart said bitcoin may have hit its bottom for the year, but that he was "definitely expecting to see new highs" and told investors to expect more regulatory approval of the space in the coming year.
"The cat’s already out of the bag," Bogart said, adding that "innovation is going elsewhere if the SEC doesn’t get on board soon."