Examining Mike Novogratz Bitcoin Bottom Belief Prediction: Is the BTC Bull Right?
Was Novogratz Right? Has The Crypto Market Already Hit The Bottom?
Mike Novogratz, a billionaire investor, has recently affirmed that the Bitcoin market has hit rock bottom on September 13. Since then, the market has recovered a bit while fueled by large rallies in many different cryptos. Is the bull market finally starting again?
Since September 13, the crypto market has been on an upside trend. Ethereum (ETH) struggled during a long time but it increased 24.44% in price while Ripple had a 105% price surge.
Was It Really Rock Bottom?
When Novogratz talked about rock bottom, the price of Ethereum had fallen below $200 USD after a 45% drop in the previous month. Many cryptos were struggling to be alive. According to the investor, the bubble was completely retracted and the market had finally reached its lowest point for good.
Another investor and technical analyst, Williams %R, known as Williams Percent Range, affirmed that the market was in a very low point as the price of Bitcoin dipped below the $6,000 USD mark, in which it was stagnated for quite some time.
One important aspect of why the market has hit rock bottom was because it was oversold, the two investors affirmed. Williams has stated that, as the prices dropped, many investors simply were not interested in selling their assets anymore as they would lose too much money. Because of this, the price would not likely decrease even further than the current level.
The market is still showing a lot of volatility, but it looks like the worse has passed as Bitcoin has surpassed the price of $6,770 USD again and it has broken away from the $6,600 stop loss level.
The Future Of The Market
If Novogratz is right again, then $6,800 USD is the major resistance level for BTC and a move for $7,000 USD and upward is very likely if this barrier is, indeed, broken. While it is simply too early to determine whether Bitcoin will enter the $7,000 USD mark or not, it looks like there is plenty of space for the creation of momentum and it is likely that a short-term rally in price will occur.