Bitcoin is in a ‘Consolidation Zone,' We’ll Move to $14,000 Once BTC Gets Above $10k: Mike Novogratz

Galaxy Digital CEO says the stock market is a “classic speculative bubble,” and advises holding more gold than bitcoin even though BTC “way outperform” the bullion.

Bitcoin is about system change, said Mike Novogratz, CEO of Galaxy Digital, in his latest interview with Barron’s Carleton English.

While talking about the catalysts that could propel the price of Bitcoin higher, he shared how a revolution is going on between black lives matter and people looking for economic injustice, and COVID-19 pandemic has exposed it. So, in this macro backdrop, “that gives us a tailwind.”

Price-wise, bitcoin is doing fine, said Novogratz. After the March sell-off that saw everything crashing, BTC recovered more than 160% in the next two months. But since then, Bitcoin has been ranging sideways — “we are in a consolidation zone.”

The $10,000, however, remains a critical psychological level, and “once we get above it, we move to $14,000,” he said.

Bitcoin is Hard to Buy

Novogratz shared that it is hard to buy bitcoin.

He explained how, when billionaire investor Paul Tudor Jones bought it, there was much excitement. But the next hedge funds can’t just buy it the next day. They have to go through the same process of operation due diligence, checking their docs, and talking to their investors.

It is a slow process to get people on board, into institutionalizing this, he said although he believes in the next “two to five years every major bank is gonna have a crypto desk because they’re gonna need to.” According to him, the bitcoin market is still dominated by retail investors.

“Bitcoin is still hard to buy. If it was easier to buy, it would be a lot higher. And there are more and more people making it easier to buy: funds being set up, custodies being done, at one point we’ll get an ETF,” Novogratz echoes these thoughts in an interview with CNBC’s Fast Money that was published earlier this week.

During the interview, Novogratz also told the public to hold more gold than bitcoin even though he believes “bitcoin way outperforms gold.” This is just because of the volatility of the digital asset.

Bitcoin volatility has taken a dive recently because of the weak price movement, falling to the level of the S&P 500.

Gold also has been on a tear lately, in the past month, while bitcoin was stuck in a rut, the precious metal rallied. Recently, it broke above $1,800 to a nine-year high.

Stock Market Bubble

While bitcoin has been boring, stocks are rallying hard, which reminds Novogratz of bitcoin in 2017 when the leading digital currency climbed to a new ATH.

“We’re at really dangerous valuations on the growth side, on the tech side,” he said. “If it’s Zoom or Tesla or Beyond Meat, whatever stock has a story, everyone’s rushing in. That gets me worried.”

The stock market, according to him, is “unhinged from reality,” and he advised small investors to get out before it crashes.

“We are in irrational exuberance — this is a bubble,” he said in an interview with Bloomberg. “The economy is grinding, slowing down, we’re lurching in and out of COVID-19, yet the tech market makes new highs every day. That’s a classic speculative bubble.”

Bitcoin (BTC) Live Price

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AnTy
AnTy
AnTy has been involved in the crypto space full-time for over two years now. Before her blockchain beginnings, she worked with the NGO, Doctor Without Borders as a fundraiser and since then exploring, reading, and creating for different industry segments.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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