Bitcoin (BTC) is getting ready for another move higher, says Michael Novogratz


  • The head of Galaxy Digital says there is no need to panic yet.
  • BTC/USD continues moving lower, $10,000 is within reach.

Bitcoin (BTC) has been range-bound with bearish bias since July 19. Unsuccessful attempts to move above $11,000 discouraged short-term bulls and prompted a new wave of pessimism in social media. However, the majority of large Bitcoin investors and HODLers say that there is nothing to panic about just yet.  

"If $btc goes to $100, it is game over.  IT WON'T. It's already established itself as a store of value.  Stop wasting your time with these tweets and go outside and enjoy the summer.  $btc is consolidating before its next move higher.   Let it work for you," Michael Novogratz, the head of Galaxy Digital recently wrote in Twitter answering a comment about Bitcoin balling all the way down to $100.


Meanwhile, BTC/USD is changing hands at $10,190, down 3.5% on a day-on-day basis and down 1.2% since the beginning of Tuesday. The first digital coin has been sliding three days in a row and reached important support created by SMA50 (Simple Moving Average) on a daily chart ($10,180). 

Once it is out of the way, the downside is likely to gain traction with the next focus on psychological $10,000. That's where new buyers will pop in and stop the decline. However, a sustainable move below this handle may unleash bearish potential and push the price towards $9,400 t(he lower line of 1-day Bollinger Band).

On the upside, we will need to see a sustainable move above $10,450-$10,500 area for the upside to gain traction. This resistance zone is created by a confluence of SMA50 1-hour and the middle lines of 4-hour and 1-hour Bollinger Bands.


BTC/USD, 1-day chart


 

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