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Mike Novogratz: Bitcoin and Gold Likely to Head Even Higher This Year

Mike Novogratz: Bitcoin and Gold Likely to Head Even Higher This Year

Mike Novogratz, the founding father of Galaxy Digital, thinks Bitcoin and gold are prone to head increased in direction of the top of the yr. He reiterated this place in a tweet printed on August 12th.

This comes as Bitcoin has stalled within the high-$11,000s. The cryptocurrency’s lack of ability to surmount the $12,000 resistance has led some commentators to recommend that BTC is on the verge of correcting decrease.

One dealer, for example, printed the tweet beneath. It means that since BTC has didn’t surmount $12,000 on a number of events, it’s primed to maneuver in direction of the center of the macro vary round $8,000-9,000.

Chart of BTC’s macro value motion with evaluation by TraderXO, a cryptocurrency analyst. Chart from TradingView.com

Novogratz appears to be unphased, although.

Related Reading: “Rich Dad Poor Dad” Author: Bitcoin Could Soon Become the “Fastest Horse”

Bitcoin Likely to Move Even Higher: Novogratz

In a tweet printed on August 12th, Mike Novogratz, a former Goldman Sachs associate, asserted that Bitcoin’s rally isn’t over but:

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“Going on @SquawkCNBCat 8.05am. Always enjoyable. I don’t suppose we now have seen the highs in gold or BTC for the yr. Or shares.”

Going on @SquawkCNBC at 8.05am. Always enjoyable. I don’t suppose we now have seen the highs in gold or BTC for the yr. Or shares 😂.

— Mike Novogratz (@novogratz) August 12, 2020

This isn’t the primary time Novogratz has talked about this opinion. Speaking with CNBC concerning Bitcoin’s breakout previous $10,000, the Wall Street veteran stated that BTC might hit $14,000 within the following months, then $20,000 by the top of the yr. He cited the huge sum of money printing going down and the way this narrative is growing curiosity in gold and Bitcoin:

“Bitcoin nonetheless has quite a lot of retail curiosity in it. Quite a lot of that retail curiosity shifted to the story shares, to the tech shares, as a result of they have been simply extra enjoyable … Yesterday you noticed some huge cash shift again over to gold and bitcoin.”

Read More:  Why Top Traders Expect Bitcoin to Hit $13,000 Despite Short-Term Weakness

Related Reading: Crypto Tidbits: Bitcoin Explodes Past $11ok, Ethereum 2.0 Nears, Cardano’s Shelley Launches

Not the Only One That Thinks So

Novogratz isn’t the one one which thinks Bitcoin’s rally is simply beginning.

Dan Tapiero — the co-founder of DTAP Capital, Gold Bullion International, and different firms — shared the chart beneath, writing:

“Tremendous long run Log Chart of #Bitcoin tasks up 5-10x on this run. Just breaking apart NOW. Should final a couple of years as 2.5yr consolidation is implausible base for catapult up. Break of outdated highs may have explosive comply with by. Time to sit down and be affected person.”

Image

Chart of BTC’s macro value motion (Logarithimic chart) by Bitcoin bull and gold investor Dan Tapiero. Chart from Bloomberg

The expectations of an exponential rally within the close to future have been echoed by Raoul Pal, CEO of Real Vision. The Wall Street veteran commented in a latest Twitter thread that he thinks Bitcoin would be the best-performing asset by a protracted shot within the subsequent two years.

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Featured Image from Shutterstock
Price tags: xbtusd, btcusd, btcusdt
Charts from TradingView.com
MIke Novogratzs: Bitcoin and Gold Likely to Head Higher This Year

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