During his Wednesday look on CNBC, Galaxy Digital CEO Mike Novogratz predicts the next Bitcoin rally by the end of 2021.
He got here up with a horse racing metaphor, claiming that a horse that turns the corner near the finish line tends to win:
In investing, you know, the great asset class, because it will get close to the year-end, the asset class that’s completed one of the best usually has a fantastic end.
$40,000 Level is important
Novogratz believes that the market is currently in “consolidation mode,” adding that it’s important for Bitcoin to hold the $40,000 level.
Nonetheless, he doesn’t rule out that the benchmark crypto could revisit $38,000 earlier than seeing more upside.
For now, he expects the streak of uneven buying and selling to proceed.
Another red September
Regardless of a powerful start, Bitcoin is ready to complete yet another September in the red, with China’s most recent crypto ban exerting extra bearish pressure on the top cryptocurrency.
In his recent tweet, Novogratz additionally mentioned the U.S. Federal Reserve’s taper talk and the $45,000 resistance as the key reasons for the cryptocurrency’s current weak point.
Source: UToday
