Mike Novograz, a crypto enthusiast who is the founder of Galaxy Digital, commented on the latest developments in the BTC market.
As early as July 2, Bitcoin was trading below $ 10,000, after the rate reached an annual maximum on June 27th. Already today, the cost of BTC has increased significantly, the cryptocurrency is trading at around $ 11,400. During his speech on Bloomberg TV, Mike Novograz noted that such a rollback was highly expected, given the dynamics of cryptocurrency in the past. Novograz predicts that for some time there will be consolidation in the region of $ 10,000- $ 14,000, after which Bitcoin will take another serious breakthrough.
He added:
“I don’t intend to sell Bitcoin even after the cryptocurrency repeats the move to the level of $ 14,000. I think that next time the course will approach $ 20,000. I do not expect this to happen in the next few weeks. I don't expect it to happen in the middle or the end of the fourth quarter. ”
In the long term, according to Novograc, BTC will act as digital gold. The analyst suggests that the rate will increase to $ 40,000 or even higher.
