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WARNING: Those who are trending toward the bearish.
According to billionaire investor Mike Novogratz, the Bitcoin price will double in the next six months and retest the old highs of $20k by the end of the year.
Speaking to CNBC’s Closing Bell last night, as the DOW closed up 534 points, Novogratz was encouragingly bullish on the BTC price.
He pointed out that, for the first time, high-net-worth individuals and hedge fund investors are getting into Bitcoin.
He said: “This is the year for Bitcoin,” says @novogratz, and if it doesn’t go up now, “I might just hang my spurs.” Novogratz also points to the fact that Bitcoin is a hard asset and that we are starting to see real flows into it.
He briefly brought up the trillions of dollars in quantitative easing that’s going on and how untenable that situation is.
“Money doesn’t grow on trees. Right now, it feels like we crossed the Rubicon where everyone feels money grows on trees…
I don’t think the FED’s doing the wrong thing it’s just that we’re going to debase the value of fiat.”
When asked for hard numbers, he said that Bitcoin (BTC) should at least double within six months.
If it doesn’t, he may just “hang up (his) spurs.” As a major investor in the space, the Galaxy Digital CEO is historically bullish on Bitcoin.
He was among the first to confirm a new bull market just under one year ago and predicted that BTC would reach a new all-time high in 2019.
However, after the brutal sell-off two weeks ago, Novogratz told Anthony Pomliano in an interview that crypto adoption would likely suffer a setback of 12-18 months due to investors needing fiat.
But, that was so two weeks ago and before the U.S. Congress approved a $2TN coronavirus stimulus deal.
That may have bolstered the stock market, but as Novogratz pointed out, it will eventually debase fiat. Veteran Trader:
Bitcoin to Target $8,400 After Posting “Big Time Bull Break” One prominent veteran trader is now noting that he believes Bitcoin is poised to rally all the way towards $8,400 in the near-term, as it just confirmed a highly bullish technical pattern.
Peter Brandt, a veteran trader and highly respected analyst, explained in a recent tweet that Bitcoin’s latest upswing has allowed it to break above what appears to be an ascending triangle, with classical charting suggesting that this breakout could lead the crypto to rally up towards $8,400 in the near-term.
“Just a matter of perspective, but best classical chart labeling likely an ascending triangle with target at 8400,” he noted in response to a tweet regarding the possibility that BTC’s low is in.
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
Show Notes / Resources:
Caveat – Im a terrible short term trader. BUT, the $BTC #bitcoin chart looks like a nice wedge with a breakout about 7,000. Maybe the low is in? I thought a re-test was likely but not so sure. 1/ pic.twitter.com/inXruAIDmH
— Raoul Pal (@RaoulGMI) April 2, 2020
Bitcoin Price Will Double in 6 Months, Says Billionaire Investor