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Bitcoin will hit $65,000 due to a combination of low supply and “tons of new buyers,” major BTC investor Mike Novogratz says.
In an increasingly popular Twitter debate on Nov. 17, Novogratz, who is well known for his prominent Bitcoin plugs, told actress Maisie Williams not to hesitate in buying the cryptocurrency.
Williams had released a poll asking Twitter followers whether or not she should invest in BTC.
At press time, the verdict was split, with 47% of the roughly 750,000 responses supporting an investment.
The poll soon caught the attention of famous Twitter users, among them Tesla CEO Elon Musk.
“I bought more BTC last night at 15,800. It’s going to 20K and (then) To 65K,” Novogratz commented.
“The network effect has taken over. I see tons of new buyers and there is very little supply. It’s an easier trade here (than) at 11K. So YES, buy it.”
As Cointelegraph reported, Bitcoin’s recent rise has been noticeable for the lack of associated media attention it has received.
Despite being at levels not enjoyed by the token longer than two weeks in its history, Bitcoin has not yet sparked the same frenzy of publicity that accompanied its rise to $20,000 all-time highs in 2017.
Behind the scenes, however, institutions that were previously unlikely supporters are coming around to the idea of a future in which Bitcoin stars as a major investment asset. Among them was Citibank this week, which forecast a December 2021 Bitcoin price of up to $318,000.
In other trending Bitcoin News today:
“THE PRIMARY HURDLE TOWARD $50,000 BITCOIN IS THE $20,000 ALL-TIME HIGH”
Bitcoin has rocketed higher over recent weeks. In the past five weeks alone, the leading cryptocurrency has gained 60%, boosting to $16,600 as of this article’s writing. Earlier today, the coin was trading higher than this closer to $17,000.
Analysts are confident that further gains are on the horizon.
According to Mike McGlone, a senior commodity analyst or strategist at Bloomberg Intelligence, Bitcoin passing its previous all-time high at $20,000 will cause a large move higher.
Referencing the chart below, he went as far as to say that the cryptocurrency passing $20,000 per coin could trigger a move to a $1 trillion market cap for all Bitcoin. This corresponds with approximately $50,000 per token, a price 200% higher than the current price point of $16,600.
Commenting on what the chart shows for Bitcoin, McGlone wrote:
“$20,000 Bitcoin Is Primary Hurdle Toward $1 Trillion Market Cap — The digital version of gold but with more-limited supply and a history of adding zeros, appears to be in an early price-discovery stage and may simply continue its ascent in 2021. Mainstream adoption is rising…”
Analysts think that Bitcoin moves beyond $50,000 in this market cycle, despite how impressive a rally to $50,000 would be. The Winklevoss Twins, the co-founders of Gemini and long-time BTC holders, recently stated that the cryptocurrency could pass $500,000 per coin in this market cycle:
“Inflation is coming. Money stored in a bank will get run over. Money invested in assets like real estate or the stock market will keep pace. Money stored in gold or BTC will outrun the scourge. And money stored in Bitcoin will run the fastest, overtaking gold…
Nonetheless, we believe that BTC will continue to cannibalize gold and that this story will play out dramatically over the next decade. The rate of technological adoption is growing exponentially. Software is eating the world and gold is on the menu.”
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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.