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Investors: That's why Bitcoin can reach $ 20,000 by the end of the year

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Investors: That's why Bitcoin can reach $ 20,000 by the end of the year

Investors: That's why Bitcoin can reach $ 20,000 by the end of the year

Bitcoin (BTC) continued to stumble last weekend. The world's first crypto reached 135 million rupees, down 22.8% in 30 days.

The latest price action, which contrasts sharply with the gloomy forecasts posted on Twitter just a few weeks ago, has left many people wondering, what will happen to BTC? And more importantly, how far will the cryptography market fall into this decline?

Mike Novogratz, General Manager of Galaxy Digital Crypto Bank, recently answered these questions in an interview with the Bloomberg Business News Network in Canada.

Novogratz, who really believes in the cryptographic space, does not seem to be affected by the recent decline from $ 14,000 to $ 9,500.

In fact, he says the next step is a brief period of consolidation of the cryptocurrency space, which can help normalize expectations and reduce the risk of other "bubbles" forming.

This former Goldman Sachs partner, famous for having revealed in the last cycle of Bulls that he held 20% of his net assets in Bitcoin and Ethereum, notes that this consolidation should allow BTC to move between $ 10,000 and $ 14,000 . .

If sales pressure continues, Novogratz notes that the level of $ 8,500 is probably the lowest. $ 8,500 is the lowest short-term amount that is also recognized by other analysts, because that's where the gap closest to CME Futures lies. Even the Galaxy Digital Chief does not bet that BTC will go to this level. He says:

"I hope it's not right, but if it happens, it will not surprise me."

What's interesting is what Novogratz said about what will happen after the planned consolidation period. Commenting on the statement he made in an interview earlier this year, former Wall Streeter suggested that if institutions continue to flood this space, Bitcoin will reach the $ 20,000 level by the end of the year. this year, which is quite possible.

Describing his statement, Novogratz explained:

"I do not sell the next time we reach the level of $ 14 000. The second time we reach this level, [there could be] a movement at the level of $ 20 000. I do not expect that that this will happen in the next few weeks: I do not expect it in the middle or at the end of the fourth quarter, but the next wave will come when the institutions - State X, the Texas Teachers Union, and these people - will come , and you will then see Bitcoin reach levels of $ 20,000 and up. "

The funny thing is that Novogratz is not the only eminent analyst to have such thoughts.

Speaking to Yahoo Finance a few weeks ago, Thomas Lee, co-founder of Fundstrat Global Advisors, said the launch of Libra Facebook, the mention of Donald Trump on the cryptocurrency space, global institutional involvement and new macroeconomic troubles could help Bitcoin to reach this level. between $ 20,000 and $ 40,000 at the end of the year. Lee elaborated:

"Bitcoin is now trading at a level that is only 3% of its historical days, and if you go back every step of the way, Bitcoin will pick up between 200% and 400% over the next four months, so I think if that bitcoin is This means that Bitcoin can reach the $ 20,000 to $ 40,000 level in the fourth quarter [2019]. "

In addition, he also said that President Trump's attack on Bitcoin and cryptocurrency was a good thing because of the publicity given by the President of the United States.
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