Bitcoin is in a ‘Consolidation Zone,’ We’ll Move to $14,000 Once BTC Gets Above $10k: Mike Novogratz

2020-7-11 15:40

Bitcoin is about system change, said Mike Novogratz, CEO of Galaxy Digital, in his latest interview with Barron’s Carleton English.

While talking about the catalysts that could propel the price of Bitcoin higher, he shared how a revolution is going on between black lives matter and people looking for economic injustice, and COVID-19 pandemic has exposed it. So, in this macro backdrop, “that gives us a tailwind.”

Price-wise, bitcoin is doing fine, said Novogratz. After the March sell-off that saw everything crashing, BTC recovered more than 160% in the next two months. But since then, Bitcoin has been ranging sideways — “we are in a consolidation zone.”

The $10,000, however, remains a critical psychological level, and “once we get above it, we move to $14,000,” he said.

Bitcoin is Hard to Buy

Novogratz shared that it is hard to buy bitcoin.

He explained how, when billionaire investor Paul Tudor Jones bought it, there was much excitement. But the next hedge funds can’t just buy it the next day. They have to go through the same process of operation due diligence, checking their docs, and talking to their investors.

It is a slow process to get people on board, into institutionalizing this, he said although he believes in the next “two to five years every major bank is gonna have a crypto desk because they’re gonna need to.” According to him, the bitcoin market is still dominated by retail investors.

“Bitcoin is still hard to buy. If it was easier to buy, it would be a lot higher. And there are more and more people making it easier to buy: funds being set up, custodies being done, at one point we’ll get an ETF,” Novogratz echoes these thoughts in an interview with CNBC’s Fast Money that was published earlier this week.

During the interview, Novogratz also told the public to hold more gold than bitcoin even though he believes “bitcoin way outperforms gold.” This is just because of the volatility of the digital asset.

Bitcoin volatility has taken a dive recently because of the weak price movement, falling to the level of the S&P 500.

Gold also has been on a tear lately, in the past month, while bitcoin was stuck in a rut, the precious metal rallied. Recently, it broke above $1,800 to a nine-year high.

Stock Market Bubble

While bitcoin has been boring, stocks are rallying hard, which reminds Novogratz of bitcoin in 2017 when the leading digital currency climbed to a new ATH.

“We’re at really dangerous valuations on the growth side, on the tech side,” he said. “If it’s Zoom or Tesla or Beyond Meat, whatever stock has a story, everyone’s rushing in. That gets me worried.”

The stock market, according to him, is “unhinged from reality,” and he advised small investors to get out before it crashes.

“We are in irrational exuberance — this is a bubble,” he said in an interview with Bloomberg. “The economy is grinding, slowing down, we’re lurching in and out of COVID-19, yet the tech market makes new highs every day. That’s a classic speculative bubble.”

Bitcoin (BTC) Live Price 1 BTC/USD =$9,220.1763 change ~ 0.17%

Coin Market Cap

$169.93 Billion

24 Hour Volume

$2.97 Billion

24 Hour VWAP

$9.25 K

24 Hour Change

$15.5629 var single_widget_subscription = single_widget_subscription || []; single_widget_subscription.push("5~CCCAGG~BTC~USD");

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Bitcoin (BTC) íà Currencies.ru

$ 68595.26 (-0.46%)
Îáúåì 24H $41.966b
Èçìåíåèÿ 24h: -0.32 %, 7d: -3.55 %
Cåãîäíÿ L: $66916.68 - H: $68910.37
Êàïèòàëèçàöèÿ $1356.677b Rank 1
Öåíà â ÷àñ íîâîñòè $ 9211.64 (644.66%)

bitcoin novogratz mike shared revolution higher price

bitcoin novogratz → Ðåçóëüòàòîâ: 126


Bitcoin Shake-Up: Galaxy CEO Novogratz Warns Of $55,000 BTC Drop – Here’s Why

With its recent surge above the $64,000 mark, Bitcoin has again proven its attractiveness to a broad spectrum of investors. Amid this bullish momentum, Michael Novogratz, the CEO of Galaxy Digital Holdings, has shared his insights, suggesting a possible short-term correction that could see Bitcoin’s value adjust to the mid-$50,000 range. This forecast comes when […]

2024-3-3 02:00


Ôîòî:

Halving Sell-Off Temporary, BTC to Hit $20,000 by Year End, Says Billionaire Investor Novogratz

Bitcoin (BTC) may not have pumped at the scale expected by many halving optimists, but Wall Street billionaire Michael Novogratz insists that the price will hit $20,000 by year-end. The Galaxy Digital founder and chief executive officer on Monday told CNBC that bitcoin’s surge was inevitable in light of the record money printing by world […] The post Halving Sell-Off Temporary, BTC to Hit $20,000 by Year End, Says Billionaire Investor Novogratz appeared first on Bitcoin News.

2020-5-13 01:05


Ôîòî:

Stock Rebound is Trap, Go Bitcoin Instead: Galaxy Digital CEO

Billionaire Michael Novogratz said that the recent rebound in stocks might lead to another decline soon. Instead, he is confident in Bitcoin and gold. Bitcoin Will Be Among Ideal Safe-Havens Novogratz, CEO of crypto merchant bank Galaxy Digital, told CNBC’s “Squawk on the Street” that investors shouldn’t be misled by the recent spike in stock prices.

2020-4-8 23:26


Galaxy Digital’s Novogratz Remains Bullish as Ever on BTC: “This is the Time for Bitcoin”

The price of Bitcoin has surged 74% from the low the digital currency put on March 12. However, we are still down 36% from 2020 high of about $10,500. But according to billionaire investor Mike Novogratz instead of panicking, this should be taken as a buy the dip opportunity. In a recent interview with CNBC, the […]

2020-3-26 23:05


Ôîòî:

Ìíåíèå: ïðîáëåìû ìèðîâîé ýêîíîìèêè ïîäòîëêíóò bitcoin ê ðîñòó

Ãëàâà êðèïòîâàëþòíîãî áàíêà Galaxy Digital Ìàéê Íîâîãðàö ñ÷èòàåò, ÷òî àêòèâíûé ðîñò bitcoin ïðîäîëæèòñÿ. Ïî ìíåíèþ ñïåöèàëèñòà, ïîçèòèâíîå äâèæåíèå êóðñà àêòèâà îáúÿñíÿåòñÿ íþàíñàìè ìàêðîýêîíîìè÷åñêîãî è ãåîïîëèòè÷åñêîãî ïîëîæåíèÿ.

2019-8-6 09:33


Unbreakable: Mike Novogratz Remains a Bitcoin Bull in a Bleeding Market

Currently, when crypto believers generalize every Wall Street banker to be a Bitcoin critic, a celebrated hedge fund manager and former Goldman Sachs executive changed his perception. Mike Novogratz is a now a name beyond the mainstream finance, and perhaps among the only consistent voices speaking in favor of bitcoin even after its 80 percent-plus.

2018-12-12 16:00


Ôîòî:

Bottom Officially In? Mike Novogratz Says Bitcoin Market Has Hit ‘Seller Fatigue’

Investment mogul and Bitcoin bull Mike Novogratz has stated his belief cryptocurrency markets have reversed for good as BTC/USD hits $6630 September 21. Novogratz: Bitcoin Has ‘Established’ Store Of Value Status Speaking at the Yahoo Finance second annual ‘All Markets Summit’ in New York, Novogratz told the audience that crypto assets had officially hit “seller fatigue” and a long-awaited upswing was imminent.

2018-9-21 16:00


Ôîòî:

Nailed It? Cryptocurrency Chart Exactly Follows ‘Bottom’ Call By Mike Novogratz

Serial investor and Bitcoin bull Mike Novogratz perfectly called the “bottom” in cryptocurrency, data reveals as markets trend upwards September 14. Novogratz: September 12 Was ‘Low’ As Bitcoinist reported Thursday, cryptocurrency market indices hit 80 percent versus all-time highs this week, outperforming the dotcom boom implosion of the early 2000s for the first time.

2018-9-14 17:00