Bitcoin is back below $12,000 after breaking an 18-month record that pushed it past $13,000 just yesterday. After reaching a market cap of $244 billion, the coin is now at $208 billion at the time of writing and it has dampened much of the excitement felt recently.
The price loss has not been very palatable for a few people, especially those who weren’t exactly in it for the long-haul. However, one person who is particularly displeased is popular billionaire investor and former hedge fund manager, Mike Novogratz.
Novogratz Should Have “Sold a Whole Bunch Yesterday”
Novogratz is particularly upset because, during the surge which went as high as $13,852, he sold a small amount of Bitcoin and now that the price has dropped by more than $2,000, he now regrets not selling more. During a recent interview, Novogratz said:
“If you were perfect, you’d have sold a whole bunch yesterday. When you go parabolic, you have to.”
Novogratz, who is currently the Chief Executive Officer at Galaxy Digital Holdings Ltd, predicted sometime last month that there would be a consolidation somewhere between $7,000 and $10,000. At the time of his prediction, he allowed himself some margin of error when he said: “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.”
His forecast seemed to be spot on, especially with the margin of error as Bitcoin went past his upper limit by almost $4,000.
What’s the Market Saying?
The general market sentiment is still hopeful that there will be another surge pretty soon. eToro’s analyst, Simon Peters, has predicted that Bitcoin only needs about two weeks for it to smash its previous $20,000 all-time high from November 2017.
Peters isn’t the only vocal optimist in the sector currently. Co-founder and Partner at Morgan Creek Digital, Anthony Pompliano, has also encouraged Bitcoiners to be more into the long term.
According to a recent tweet:
“People are buying Bitcoin for 10% less than they were 24 hours ago. Remember, short term price movements don’t change the underlying fundamentals.”