Fun

Halving Sell-Off Temporary, BTC to Hit $20,000 by Year End, Says Billionaire Investor Novogratz

News Feed - 2020-05-13 07:05:29

Halving Sell-Off Temporary, BTC to Hit $20,000 by Year End, Says Billionaire Investor Novogratz


Bitcoin (BTC) may not have pumped at the scale expected by many halving optimists, but Wall Street billionaire Michael Novogratz insists that the price will hit $20,000 by year-end.


The Galaxy Digital founder and chief executive officer on Monday told CNBC that bitcoin’s surge was inevitable in light of the record money printing by world central banks.


“The (Bitcoin) halving was quantitative tightening,” Novogratz explained, noting the new coronavirus inspired stimulus packages, which have pumped trillions of dollars into world economies overnight.


“It’s like an exclamation point on the macro story of why scarce assets like bitcoin should go higher. We will take out $10,000 and we will go to $20,000 by the end of the year. I feel real confident about it,” he asserted.


BTC fell as much as 1.4% to $8,620 in the wake of its third halvinglast night. Pre-halving expectations favored a significant price increase.


The cryptocurrency rose past $10,000 in the run-up to the event, which cut miner rewards by 50%, as investor sentiment reached fever-pitch.


However, the price dropped at least 15% over the weekend, briefly touching $8,250, in a sell-off some analysts have described as market manipulation by the so-called bitcoin whales.


At the time of writing, each BTC was trading at $8,800, up 6% over the last 24 hours, according to data from markets.bitcoin.com.


Novogratz said he did not participate in the sell-off, but reckons that Paul Tudor Jones, the billionaire hedge fund investor, entering the space signifies growing interest in cryptocurrency from institutional investors.


“We had a little bit of retail frenzy that got sold off. I would expect the market to hold at $8,000, $8,500 and to start trading right back up,” he predicted, adding:We are seeing at our shop huge increase in interest in bitcoin from high net worth individuals, from funds. The Tudor (Jones) bitcoin news is very big news. It somehow takes the career risk of looking dump out of buying bitcoin.


Despite the post-halving slid, the outlook for bitcoin markets generally remains upbeat as the supply of news coins slows down.


Pantera Capital CEO Dan Morehead recently forecast that BTC had a 50% chance to spike to $115,000 by August next year, as fiat depreciates from stimulus packages.


What do you think about Mike Novogratz’s prediction? Let us know in the comments section below.Bitcoin Cash Upgrade 3 Days Away - New Opcode Support, Chain Limit Extension, SigchecksNEWS | 8 hours agoJPMorgan Chase Starts Accepting Bitcoin Businesses for Banking ServicesNEWS | 9 hours agoTags in this storybitcoin halving, Coronavirus, Dan Morehead, Galaxy Digital, Mike Novogratz, Pantera Capital, Paul Tudor Jones, Quantitative tightening, Stimulus Package


Image Credits: Shutterstock, Pixabay, Wiki CommonsUse Bitcoin and Bitcoin Cash to play online casino games here.Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.Read disclaimer Show comments

News Feed

Airbnb IPO Prospectus Says Future Success Means Adapting to Cryptocurrencies
Airbnb IPO Prospectus Says Future Success Means Adapting to Cryptocurrencies The giant online rental marketplace based in San Francisco, Airbnb is considering su
Blockchain adoption in healthcare faces serious obstacles in Germany
Veronika Rinecker2 hours agoBlockchain adoption in healthcare faces serious obstacles in GermanyBlockchain technology could enhance healthcare digitalization, but privacy concerns are hampering adoption.335 Total views1
Vinnik to Be ‘Hostage’ in US Amid Russia’s War in Ukraine, Greek Lawyer Says
Vinnik to Be ‘Hostage’ in US Amid Russia’s War in Ukraine, Greek Lawyer Says If extradited to the United States, crypto exchange BTC-e’s alleged operator Alexander Vin
Bitcoin Sell-Side Risk Ratio Just Dropped Under This Critical Level — What Next For BTC Price?
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Prashant Jha5 hours agoCourt-ordered NFTs and the importance of Web3 randomness: Nifty NewsletterA Singapore court permitted the use of NFTs to attach legal court orders tokenized as an NFT to issue a freeze order.611 To
PlanetQuest and Immutable X Launch Community Friendly NFT Planet Sale
PlanetQuest and Immutable X Launch Community Friendly NFT Planet Sale press release PRESS RELEASE.In a radically different approach to handling an NFT sale, PlanetQuest, has just la
Robinhood Lists Shiba Inu and 3 More Cryptocurrencies — SHIB Price Soars
Robinhood Lists Shiba Inu and 3 More Cryptocurrencies — SHIB Price Soars Popular trading platform Robinhood has listed shiba inu (SHIB) as well as three other popular cryptocurre
Ukraine Raises More Crypto Than Russia in Year of War, Analysis Unveils
Ukraine Raises More Crypto Than Russia in Year of War, Analysis Unveils The two sides in the bitter conflict in Ukraine have been relying on crypto assets and technology to support
United States government holds $12B in Bitcoin — Arkham Intelligence
Vince Quill4 hours agoUnited States government holds $12B in Bitcoin — Arkham IntelligencePro-crypto Senator Cynthia Lummis recently announced legislation establishing a strategic Bitcoin reserve for the United States.
ECB Blog Post Insists This Is ‘Bitcoin’s Last Stand,’ Officials Claim BTC Is Headed Toward ‘Irrelevance’
ECB Blog Post Insists This Is "Bitcoin"s Last Stand," Officials Claim BTC Is Headed Toward "Irrelevance" On Wednesday, Nov. 30, 2022, a blog post published by the European Central
MetaBlox Concluded the Seed Round, Plans for the Future
MetaBlox Concluded the Seed Round, Plans for the Future press release PRESS RELEASE. Vancouver, Canada – MetaBlox has completed their seed round and have raised over $2 milli
Cathie Wood’s Bitcoin ETF hits daily inflow record as BTC retests $72K
Ciaran Lyons5 hours agoCathie Wood’s Bitcoin ETF hits daily inflow record as BTC retests $72KThe ARK 21Shares Bitcoin ETF saw a massive $201.8 million in inflows, almost a four-fold increase from its daily average of $