Bitcoin price could go as low as $6,500 – Novogratz
Novogratz stated that Bitcoin would need “new energy” in order to pull itself back to the $8,000 range but his outlook was currently bearish. He warned that Bitcoin’s price could go all the way down to $6,500, another 13% drop from current levels.
— Michael Novogratz (@novogratz) October 24, 2019
Bitcoin hit a five-month low on Wednesday – a drop of as much as 10%. Novogratz attributed this to the scathing Libra testimony endured by Zuckerberg in front of US Congress. But he also said that the SEC derailing the Telegram cryptocurrency launch was “a kick in the stomach to the overall crypto ecosystem”.
He felt that Facebook and Libra had made a mistake when it came out and announced the project. They should have said it was a global payment system and not a cryptocurrency.
He argued: “There would have been a lot less angst but they came out and said we’re going to build this new currency and everyone turned their hair on fire.”
Bitcoin remained down for a third consecutive day on Thursday. Coin Rivet reported yesterday that it tested the $7,400 level as more than $200 million dollars in long positions were liquidated on BitMEX.
Novogratz still bullish on Bitcoin for the long term
“Bitcoin is gold, gold’s not a threat to the dollar,”he explained.
Galaxy Digital Holdings is set to launch a Bitcoin fund to act as custodians for the cryptocurrency. This, he said, will allow users to invest in BTC, without having to set up accounts in multiple places.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.