Mike Novogratz: ₿itcoin Will Stabilize Between $10,000 and $14,000
Galaxy Digital founder and crypto enthusiast Mike Novogratz has predicted that ₿itcoin’s (BTC) price will stabilize between $10,000 and $14,000, in an interview with CNBC on June 27.
Delivering his comments on CNBC’s Squawk Box show, Novogratz forecast that the leading digital currency will consolidate in the corridor between $10,000 and $14,000. Referring to Facebook’s entry into crypto with Libra, Novogratz said:
“One of the largest companies in the world said we believe in cryptocurrencies. […] If you’re an institutional investor who’s getting close and still worried about investing, it makes you that much more confident.”
Novogratz’s comments follow ₿itcoin’s price fall by $1,400 yesterday, June 26. ₿itcoin lost the figure within minutes after a crash of United States-based cryptocurrency trading platform Coinbase.
The crash came on the heels of yesterday’s rally in which ₿itcoin surpassed both the $12,000 and $13,000 price marks in a matter of hours.
Novogratz also commented on Facebook’s forthcoming stablecoin Libra, saying that “The Libra association will have a hundred votes, so it will be distributed. Maybe not decentralized. They plan on decentralizing over time.” Novogratz further added:
“What is tricky is the Facebook wallet which is where they will make their money. It will probably be a large part of commerce that is done on that blockchain.”
On May 31, Novogratz stated that “on a go-forward basis, ₿itcoin probably consolidates somewhere between $7,000 and $10,000,” and added:
“If I’m wrong on that, I think I’m wrong to the upside, that there’s enough excitement and momentum that it could carry through.”
This week, many commentators argued that ₿itcoin’s price surge was due to Facebook’s announcement of Libra; however ₿itcoin was already trading above $9,000 when Facebook formally unveiled its Libra cryptocurrency protocol. Craig Erlam, a senior market analyst at the financial trading firm Oanda stated:
“Bitcoin has slowly – by its own standards – been rising in recent months but the launch of Facebook’s Libra has clearly been a catalyst for the recent surge.”
Other sources meanwhile agreed about Facebook’s limited role, but lacked faith in ₿itcoin itself, Bloomberg calling current enthusiasm “the return of a speculative dream.”
Published at Thu, 27 Jun 2019 20:59:00 +0000