We will never see Bitcoin (BTC) at $5,000

The head of Galaxy Digital believes that BTC will be supported by $8,500.
He says his investment portfolio includes 7% of gold.

The head of cryptocurrency bank Galaxy Digital Mike Novogratz shared his views on the key support levels for the first digital currency.

According to the Bitcoin guru, the downside correction is still possible; however, it has really low chances to drop to $5,000.

Will #btc ever go back to $5K? "I don't think so. I think if it goes below $8,500, I'll get nervous. If it goes below $6,000 I'll get real nervous," he said in the interview with CNBC.

Apart from that, he confessed that he keeps gold in his investment portfolio. The share of the precious metal is about 7%. He also added that a well-diversified investment portfolio should include BTC in the amount of 1-3% of the total value of the portfolio.

It is worth noting that recently Novogratz said that he sold some BTC and expressed regret that he had not sold more coins when the price moved close to $14,000.

At the time of writing, BTC/USD is changing hands at $11,7310, with 7.5% of gains since the beginning of the day. The first digital asset has been one of the strong performing coins in recent 24 hours, while its market share jumped to 67.5%, which is the highest level since the beginning of April 2017.

Share: Cryptos feed

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.