Michael Novogratz’s tradeable top for Bitcoin is $14,000.
The cryptocurrency multimillionaire and founder of Galaxy Digital sold some Bitcoin in the recent rally and plans to buy them back at around $10,000.
Despite Michael Novogratz tradeable top almost being reached at near $13,000 in late June before suddenly falling off a cliff Michael Novogratz has been selling BTC.
Indeed, Michael Novogratz revealed in a recent interview that he sold some of his holding near its high to lock in profits. The clifflike drop happened in a matter of minutes.
“Michael Novogratz’s tradeable top for Bitcoin is $14,000”
“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,” wrote Michael Novogratz.
Michael Novogratz’s tradeable top for BTC is $14,000, moreover, he reportedly plans to buy the dip at $ 10,000. But don’t hold your breath waiting to get in at 2018 low levels as “You’re not getting in at $4,000” said Michael Novogratz.
Michael Novogratz’s tradeable top for BTC is around $14,000 the ardent crypto bull reckons it could go a lot higher
Michael Novogratz puts forward his reasoning which comprises of the following; “Facebook’s Libra coin, institutional investor demand, and “capital flight from China,” he said.
Perhaps another reason that comes to mind is that Trump is eyeing USD manipulation, which could provide more tailwind for BTC’s price.
“You’re not getting in at $4,000”
Michael Novogratz’s tradeable top is likely to readjust higher because he sees not only institutions coming in with more confidence but also speculators front running the institutions
“If you’re an institutional investor who is getting close and still worried about investing, it makes you that much more confident. And so we’re seeing institutions move into space. And this run wasn’t institutions, it’s people frontrunning them,” said Michael Novogratz.
“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” – Michael Novogratz
Michael Novogratz also pointed to China as another potential tailwind for BTC’s price where “huge amounts of volumes” are originating from Asia.
Currency controls are making it more difficult for people to move money outside of China. So BTC has a function as a vehicle to move funds across borders, thereby bypassing currency controls.
In other words, “capital flight from China” via BTC, albeit illegally could also be fuelling demand for BTC and hence its price
Bitcoin has since bounced back to near $12,000 price at the time of my writing this piece.
So keep on your radar Michael Novogratz’s tradeable top for BTC and trade accordingly.