Novogratz believes BTC will consolidate between $7,000 and $10,000

31 May, 2019 | Updated: 31 May, 2019
by Joeri Cant
Bitcoin
Novogratz believes BTC will consolidate between $7,000 and $10,000

Galaxy Digital CEO Michael Novogratz recently told Bloomberg that he believes Bitcoin will begin consolidating between the $7,000 and $10,000 price mark.

Billionaire investor and crypto enthusiast, Michael Novogratz, told Bloomberg in a recent conference call, that Bitcoin will soon consolidate to a narrower trading range.

The Wall Street veteran founder of Galaxy Digital, said that the world's number one cryptocurrency, will probably consolidate somewhere between $7,000 and $10,000. 

'On a go-forward basis, Bitcoin probably consolidates somewhere between $7,000 and $10,000. You know, trees don’t grow to the sky … If I’m wrong on that, I think I’m wrong to the upside, that there’s enough excitement and momentum that it could carry through', he said.

It turns out that Novogratz might be correct in his prediction, as we saw Bitcoin surge above the $9,000 level today, breaking out from $8,700 earlier, and then flash crash by almost $500 to below $8,700 in minutes. Since then, Bitcoin has been steadily trending downwards, reaching its current level of $8,373.

Previously Novogratz predicted that we won’t be seeing any altcoins pumping 40% in a day during this bull run as Bitcoin will outperform every altcoin.

Host of CNBC’s Crypto trader, Ran NeuNer asked Twitter if we’ll be seeing any crazy altcoins pumps. Novogratz responded, saying 'Not this time. Market getting smaller. BTC will outperform.'

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