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TOP INVESTOR STILL EYES $20,000 BITCOIN PRICE
Yesterday, the infamous 2020 Bitcoin Halving finally came to pass.
Unlike optimists expected, the market didn’t pump in the wake of this event. Instead, BTC is actually down more than 15% in the past three days, having rallied as high as $10,100 on Thursday.
Yet this drop has not stopped a prominent Wall Street billionaire from predicting the Bitcoin price will rally towards $20,000 by the end of the year.
Speaking to CNBC’s “Fast Money” panel in the wake of the halving, Galaxy Digital chief executive officer Mike Novogratz held his bullish tone on the leading cryptocurrency.
He asserted that with all of the stimulus by governments, along with the record amount of liquidity operations by central banks, Bitcoin could climb towards $20,000 by the end of the year.
Along with the positive macro outlook, Novogratz noted that Paul Tudor Jones, the legendary macro hedge fund investor, entering the Bitcoin space is especially notable.
This point was not expanded on, but many in the space believe that the investor’s entrance of the space is one of the most bullish things to happen to the cryptocurrency.
The idea goes that because Jones is now in Bitcoin (and in the space publicly), other investors that were sitting on the fence are more likely to flock to buy Bitcoin now.
In other trending Bitcoin News today:
Top Analyst Predicts Bitcoin (BTC) Mania in June, Sparking Fast and Volatile Push to All-Time High
A prominent crypto strategist who accurately called the bottom after the coronavirus-induced sell-off in March says he’s long-term bullish on Bitcoin, but not before the world’s leading cryptocurrency whipsaws traders.
In a tweetstorm, pseudonymous trader Bitcoin Jack says that he expects volatility to reign for the rest of the month before Bitcoin accelerates in June.
“Key requirements in May for my thesis: decent buy pressure this week with resistance between $10,500 to $11,000, sell-off into strong support at $9,000 – $9,500 that holds. That would complete a running flat. If so, it is a recipe for an end of May / June rally.”
Should Bitcoin follow the script, the crypto analyst says BTC will begin to rise next month in a rally that ignites FOMO, mania and media attention en route to $15,000.
After the rally, Jack expects the top cryptocurrency to correct and form a base which would set the stage for a massive bull run to $20,000.
“I expect support ($9,000 – $11,000) to form by August. If my earlier thesis is correct, we should then rally towards previous ATH by Dec/Jan.”
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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.