- Michael Novogratz said he sold part of his Bitcoin when it reached $13,700
- He considers the digital currency will be traded between $10,000 and $14,000
The CEO of Galaxy Digital, Michael Novogratz, said that he has been selling some of his Bitcoin during the last bull run that Bitcoin (BTC) experienced during the last few days. The crypto expert mentioned this during a conversation with CNBC. He mentioned that he expects the digital currency to be traded in a range between $10,000 and $14,000 during the coming months.
Michael Novogratz Believes Bitcoin Could Reach $10,000
The recognized investor Michael Novogratz commented that he is ready to buy the dip at around $10,000. He considers that the digital currency is going to be traded between $10k and $14k. He mentioned during this conversation with CNBC that the market was going parabolic and that it was a frenzy.
Bitcoin moved in just a few days from $10,000 to $13,700 without a retracement, which concerned investors that were closely following the market.
— Squawk Box (@SquawkCNBC) June 27, 2019
About it, he commented:
“I sold a little bit. I wish I sold a lot. I think we're going to be in a range between $10,000 and $14,000. I think we put a tradeable top in yesterday. It was parabolic, it was a frenzy.”
Although the cryptocurrency market was in a bear trend in 2018, 2019 changed the way investors see the crypto space. Bitcoin and other digital currencies are much more mature than in the past, and this can be seen with the hash rate of many digital currencies increasing, the transactions they are processing on chain and the different developments that are being carried out by the most popular networks in the space.
Novogratz considers that Bitcoin moved to $13,700 due to three different reasons, the first one is due to Facebook’s coin Libra, which was announced a few weeks ago. In addition to it, there was an increased institutional demand for Bitcoin and
“capital flight from China.”
The recognized investor and former hedge fund manager on Wall Street said that China and other Asian governments are making it more difficult for individuals to move money out of the country. That means that there is a lot of capital that is moving out of China through Bitcoin.
Currently, Bitcoin is being traded around $10,918 and it has a market capitalization of $194 billion. In the last 24 hours, Bitcoin fell almost 20% after surging above $13,700 for a brief period of time on June 26.