Near-term BTC price consolidation is looking better now for Bitcoin Bull Mike Novogratz since the asset took a dive today and we read more about his opinion in the altcoin news below.
The high-profile trader thinks that Bitcoin will reach a narrow range despite the current meerkat momentum. Novogratz had a conference today discussing the performance of his company Galaxy Digital in the first quarter of the year and according to Bloomberg, the Wall Street veteran predicted that the price for the largest cryptocurrency will ‘’probably consolidate somewhere between $7,000 and $10,000:
“You know, trees don’t grow to the sky. If I’m wrong on that, I think I’m wrong to the upside, that there’s enough excitement and momentum that it could carry through.”
The Galaxy Digital CEO did not forget about his long-term bullish outlook on bitcoin. However, he expects that the near-term BTC price will reach a consolidation level.
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He is also not turning his head away from the possibility of Bitcoin breaking out of the range that he previously described. It seems like a more sobering outlook but it is also one of the most realistic.
The market sentiment and momentum that he is talking about have something to do with the technology giants that are looking into the opportunity to dive into the crypto world. For example, as noted in the latest cryptocurrency news, Microsoft is working on an ID platform on the bitcoin blockchain while Facebook will launch its own payments cryptocurrency- The globalCoin.
In spite of all of that, Novogratz believes that this news will bring a positive wave for crypto mainstream adoption. Some even argued that crypto does not need validation but he suggested that these brands provide some heft to the market since they ‘’both were wild credentializers for space’’:
“We have gone from, you know, crypto as an experiment, is it real? Is it tulips? To crypto is going to be a substantial part of the financial and consumer infrastructure of the world.”
Galaxy Digital had a little trouble during the harsh crypto winter but it seems like those days are over. The company generated about $12.9 million in net income in the first quarter of 2019 but lost millions during last year’s downturn. Bitcoin’s increase this year has generated a lot of excitement on the market and for that Novogratz stated:
“We really do feel significantly better about the business.”
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