Mike Novogratz sold part of Bitcoin before the acute fall: BTC/USD hovers above $11,000

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.”