Saturday, December 7, 2019

Mike Novogratz is 85% Sure Bitcoin Price Won’t See New Lows

Grace Joseph
Freelance Writer, Blogger, and Crypto Enthusiast. Studied Computer Science in University and Undergoing a Masters Degree Programme in Computer Engineering [email protected] [email protected]

Bitcoin’s lowest price since the second cryptocurrency winter began was around $3,100 and now that its price has surged to $5,500, many are wondering if the former is the least price we’ll ever see the virtual asset or we could go lower. Mike Novogratz, CEO of Galaxy Digital believes that there is an 85% chance that we won’t see new lows.

Willywoo Releases the Result of His Survey on Twitter

On April 22, Willywoo released the results of his survey on Twitter and what influencers, analysts and traders in the industry feel about the bear market. They were each asked the probability that the least price has already been seen and one of such, is Mike Novogratz.

In Novogratz’s opinion, there is an 85% fat chance that the bottom is in and we may not see a lower price from the $3,100 that was evident in December. Others who gave their opinion is Willywoo who voted for 95 percent, and Kraken’s cryptocurrency exchange founder who settled for 90 percent.

Bullish Sentiments That May be Taken Serious

While these are all bullish sentiments, it can be noted that these were not just made off the bat. Novogratz, for instance, has a reputation to protect and as such, going all in at 85 percent shows how confident he actually is about the market. The same can be said about the bullish votes from the rest.

In March, Novogratz had stated that Bitcoin’s market capitalization will exceed that of gold in the next 20 years from now. He further outlined that with the likes of Fidelity Investments, Bakkt, and Goldman Sachs trying to enter the space, then a lot can be expected.

Peter Brandt is 50% Confident That the Floor is In

Peter Brandt, on the other hand, reputably known to have correctly predicted Bitcoin’s 80 percent dump in price after its 2017 bull run thinks otherwise. In his opinion, there is only a 50 percent chance that the least price is in. Willywoo also revealed the comment Brandt had made which is: “50% chance BTC goes to $50k. 25% chance we establish a very prolonged broad trading range for several years. 25% chance we go to basically zero.”

BTCNN on April 22 also informed of Brandt’s prediction that Bitcoin could surge to $5,745.83. He also gave his stance about Ethereum, XRP and, Monero which are $309.20, $0.56, and $98.83 respectively. Nonetheless, he was quick to point out the prices that could signify a yellow flag and trigger a strong sell. In the case of Bitcoin, Ethereum, XRP, and Monero, these are $4778, $151, $0.2800, and $60.00 respectively.

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