Less than a week ago, Bitcoin surprisingly hit the $13000 mark and crossed it, trading around $13800 in some exchanges. The sweet taste of success however quickly turned sour when almost as quickly as it surged, the world’s number one digital asset swiftly dropped in value, losing as much as $2,000. Regardless of the fluctuation, Bitcoin bulls didn’t lose much faith in the coin as most predictions still see Bitcoin surging again sometime soon.
At the time, billionaire Bitcoin bull and founder of Galaxy Digital, Mike Novogratz, was in the news after he publicly expressed regret in an interview saying he only sold a little Bitcoin and wished he had sold a lot more before the pullback. Now, Novogratz is in the news again because of his forecast that Bitcoin will surpass its current all-time high before the year ends.
The Recent Surge
In a recent interview, Novogratz said that the recent Bitcoin surge happened too quickly and suggested that it happened because of Facebook’s Libra. According to him, Facebook’s official announcement to enter the cryptosphere with all the major firms that make up the Libra Association may have moved investors to pump quickly into the sector.
Because of this, things got a little out of hand and so there needed to be a retracement which then gave way to the consolidation we’re currently in. Novogratz said:
“We’re going to see the market consolidate between $10,000 and $14,000 for a while before it takes off to the next leg higher…”
Bitcoin Will Regain Its Glory
Novogratz has now expressly stated that Bitcoin will reach $20,000 again in Q4, this year. The billionaire thinks that the rise will begin after the current consolidation and continue moving upward till it revisits the all-time high.
The billionaire was then asked whether he’d be willing to sell if Bitcoin hits $14,000 again. Even though he has earlier expressed regret for not selling more at $13,000, Novogratz said he’d prefer to wait till the price is somewhere near $20,000 before selling.
