Mike Novogratz sold part of Bitcoin before the acute fall: BTC/USD hovers above $11,000
|- Novogratz predicts Bitcoin to stay between $10,000 and $14,000 following the recent surge.
- The buyers seem to have been awoken when Bitcoin reclaimed $11,000 support; $14,000 is the next stop heading into the weekend.
The CEO of Galaxy Digital Holdings Ltd. Mike Novogratz has been one of the most loyal Bitcoin fans. He had initially predicted that Bitcoin will close the year around $20,000. Recently he said that Bitcoin will consolidate between $14,000 and $10,000 following the formidable gains seen in the last couple of weeks.
Bitcoin rallied this week to $13,873 but failed to make any higher movement heading to $14,000. Instead, the price plunged losing almost $3,000 in less than 24 hours. A low was formed at $10,300 before Bitcoin embarked on the current recovery. At press time, Bitcoin is trading at $11,700 after correcting above both the 50 Simple Moving Average (SMA) and the 100 SMA.
The buyers seem to have been awoken when Bitcoin reclaimed $11,000 support. The RSI is back in the overbought after dwelling in the oversold region for most of yesterday. The Moving Average Convergence Divergence (MACD) is back into the positive region with the current divergence suggesting further correction above $12,000.
BTC/USD 15-mins chart
In other news, Novogratz has said that he sold part of his Bitcoin holdings on Wednesday, although he wishes that could have sold “a lot.”.
“If you were perfect, you’d have sold a whole bunch yesterday. When you go parabolic you have to.”
Novogratz also believes that Facebook’s Libra is a key catalyst to Bitcoin price action and connects it to break above $10,000.
“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.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.