In the latest cryptocurrency expert analysis, we have the long-time Bitcoin bull, Mike Novogratz, who was recently a guest on the CNBC Fast Money show, where he once again remained optimistic about the largest cryptocurrency – Bitcoin – and its future.
However, it is weird not to mention the fact that Novogratz is always shifting his attitude and opinions by lowering the price margin which he sees as ‘realistic price points’ for BTC in a certain timeframe.
In the latest episode of the CNBC Fast Money show, Novogratz said that a 30% rally by the end of the year is quite realistic. According to him, Bitcoin is at its bottom right now and should only grow as the end of the year approaches.
The former hedge fund manager also explained that he makes his forecasts solely by reading technical indicators – particularly this one about Bitcoin being at ‘it’s bottom’ and the probability of it to rise up to $10k by the end of the year.
Novogratz also explained that there has been a significant amount of closed-door deals, such as Telegram’s $1.7 billion private ICO which alludes to the fact that institutions are entering the crypto markets – even though they are doing this quietly.
As he stated:
“It’s also a bull market in institutions building the infrastructure needed for real money investors to start investing in this space… I think that in three to six months from now, there will be an “all clear” sign for people — big institutions and pension [funds] — to start investing.”
To sum up his guest appearance on CNBC, Novogratz referenced a tweet he made in early August in which he explained that Bitcoin will likely outperform altcoins for the time being – as institutions are still ‘in love’ with the flagship cryptocurrency. This is why “Bitcoin is the easiest crypto asset to scale into,” according to Novogratz.
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“The entire industry is ripe to resume a path to lower prices. Conditions are akin to November , just prior to the collapse. Prices are consolidating within narrowing ranges, with a few sharp bear-market rallies that appear fleeting.”Many other industry experts have suggested that investors are forgoing Bitcoin in order to move their money into altcoins. As one senior analyst at eToro named Mati Greenspan said in an email sent to Bloomberg:
“Bitcoin's 20% gains isn’t a poor performance. It’s just that investors are seeing more potential in some of the smaller tokens at the moment. As we approach the culmination of the crypto winter, we’re actually seeing some of the altcoins delivering spectacular gains in the last few weeks. We are now in what industry insiders like to call alt-season.”He also noted the following:
“It’s just that investors are seeing more potential in some of the smaller tokens at the moment. As we approach the culmination of the crypto winter, we’re actually seeing some of the altcoins delivering spectacular gains in the last few weeks. We are now in what industry insiders like to call alt-season.”Right now, data shows that the Bitcoin MACD is right now at 44.3, pointing to a new "sell" recommendation while the coin is trading below $3,900 and is stable on the day.
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