The fall of the price of Bitcoin has led many analysts to further investigate the BTC Charts and saw that a new bearish trend line is being formed. According to one billionaire BTC bull and the head of Galaxy Digital named Mike Novogratz, BTC could soon drop to below $6,500 which is a level that was last recorded in May this year. Novogratz is all over the Bitcoin news updates.
Given that the price of Bitcoin was at around $8,000 before the midweek drop, this would indicate that a decline is here – one of nearly 20% from Wednesday. Currently, the leading cryptocurrency is ranging and trading sideways just above the $7,500 mark. Consequently, the market cap has suffered a lot yesterday but managed to retrace to a new number at $205 billion.
Following the drop in price(s), the billionaire BTC bull Novogratz said that there is a fall on a “bunch of negative things which happened recently.”
“One is Telegram ICO being kind of stopped in its tracks by the SEC,” he said.
According to the Galaxy Digital CEO, the decision by the SEC to halt the Telegram initial coin offering (ICO) was a “kick in the stomach to the entire crypto ecosystem.” However, the billionaire BTC bull suggested that there may be respite after this pain.
A fall to $6,500 would mean that the cryptocurrency could then rebound to $8,200 before eventually tearing through the $10,000 resistance level. The Galaxy Digital Asset Management boss expects good news – something that is needed to lift the Bitcoin price now.
According to Novogratz, a rebound could help the positive developments that are occurring in the sector right now. This will likely include the launch of institutional-grade Bitcoin futures trading on the Bakkt platform by Intercontinental Exchange (which is the owner of the New York Stock Exchange).
Meanwhile, volumes on the Bakkt platform have been rising as of lately. The @BakktBot Twitter profile shows that on October 23, Bakkt recorded Bitcoin volumes of 640 BTC being traded – which at the current prices is worth around $4.8 million.
ICYMI: Wednesday's Bakkt Bitcoin Monthly Futures:
💸 Traded contracts: 640 (+653%) (New ATH 🚀)
📈 Day before: 85
🚀 All time high: 640
*bleep blop* tip sats: https://t.co/TF6sNUwWpO 🤖 pic.twitter.com/cUG9qzf47E— Bakkt Volume Bot (@BakktBot) October 24, 2019
This is why Novogratz as a billionaire BTC bull expects good things coming for Bitcoin in the coming crypto news – but is also open to a steep fall towards the $6,500 region as well.
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“On-chain momentum is crossing into bullish [territory]… The bottom is most likely in, any [move] lower will be just a wick in the macro view,” Woo said.There is also Glassnode, which is a crypto centric on-chain intelligence firm which recently noted that their metrics suggest that Bitcoin is bottoming and is slated to revert higher in a "strong" fashion. It is the Market Value to Realized Value (MVRV) which is implying the above mentioned, as well as showing that the crypto asset investors are believing in the topic. A reading of this would mark a bottom for the cryptocurrency market soon, too. At press time, Bitcoin is trading at $7,563 while the total market cap is $204 billion and the trading volume sits at $49 billion.
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“Bitcoin is winning the adoption race among crypto assets and is becoming increasingly scarce, which favors price appreciation. Plenty can go wrong with a nascent asset, but unless the basic premises reverse, there’s a higher probability to sustain price appreciation vs. Depreciation.He also tried to support the main idea that the halving event will act as a negative supply shock for the marketplace on the simple supply and demand economics.
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