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

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

Tanya Abrosimova Independent Analyst

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.

Author

Tanya Abrosimova

Independent Analyst

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