- 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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Prisma price tanks 25% after nearly $9 million exploit
Prisma Finance (PRISMA) is being exploited, and the attacker has so far pulled $9 million in Ethereum from the borrowing protocol. Prisma asked vault owners to take the necessary steps to protect funds from the ongoing attack in an official tweet on X.
Meme coins gain traction after SEC’s partial win in Coinbase lawsuit: DOGE, SHIB, BRETT, POPCAT, BODEN
US SEC pocketed a partial win in its lawsuit against Coinbase, ushering a correction in crypto prices on Thursday. Despite the broad pullback, prices of meme coins like Dogecoin, Shiba Inu and Solana-based BRETT, POPCAT and BODEN increased.
Ondo moves $95 million worth of OUSG assets to BUIDL as tokenized fund attracts $245 million since debut
Ondo Finance (ONDO) announced on Wednesday that it's shifting about $95 million worth of its OUSG's underlying assets to the BlackRock USD Institutional Digital Liquidity Fund (BUIDL).
XRP price stuck below $0.65 resistance, Ripple lawsuit could suffer from Coinbase defeat
XRP price falls slightly to $0.61 on Thursday after its landmark programmatic sales ruling in July, which gave Ripple a partial victory against the US SEC, failed to reverberate in a similar legal battle between the regulator and crypto exchange Coinbase.
Bitcoin: BTC may have recovered, but is it out of the woods?
Bitcoin’s (BTC) upward momentum has shown a significant decline for the past two weeks or so. This development led to a bearish signal on the weekly and an uncertain outlook on the monthly.