Following the crypto market’s strong rebound on Friday, CNBC Fast Money called upon crypto proponent Michael Novogratz to make an appearance and to discuss the current state of the cryptocurrency industry.
Although the fundamentals of this budding industry are as strong as ever, Novogratz added that traders will still need to keep an eye on the $6,800, $8,800 and $10,000 price levels, as a powerful move above these lines of resistance, coupled with institutional involvement, will make Bitcoin’s next bull run a reality.
Novogratz said:
“It’s also a bull market in institutions building the infrastructure needed for real money investors to start investing in this space… I think that in three to six months from now, there will be an ‘all clear’ sign for people — big institutions and pension [funds] — to start investing.”
Novogratz furthermore explained that it is impossible for Bitcoin not to rebound to the $8,800 to $10,000 range. Over the last three days, the crypto market has added $25 billion to its valuation, triggered by the 100 percent increase in the value of XRP and strong momentum demonstrated by tokens and coins like Ethereum, Stellar, EOS and Cardano.
To back up his claim, the former institutional investor talked about big firms that are about to enter the crypto space. Novogratz emphasized about the news that Goldman Sachs and ICE, the NYSE’s parent company, are establishing the groundwork that will facilitate an influx of investment.
Watch the interview with Michael Novogratz on CNBC Fast Money here:
#Callingabottom
On the 13th of September, while many analysts were still projecting that Bitcoin would fall back to the 5k region, Novogratz made a bullish statement on Twitter; Novogratz stated that cryptocurrency prices have reached a bottom.
“This is the BGCI chart…I think we put in a low yesterday. Retouched the highs of late last year and the point of acceleration that led to the massive rally/bubble… markets like to retrace to thebreakout..we retraced the whole of the bubble.”
Novogratz attached a snapshot of Bloomberg Galaxy Crypto Index (BGCI), which tracks the performance of major cryptocurrencies against the USD. The cryptocurrencies tracked by BGCI include Bitcoin, Ether, Monero, Ripple’s XRP and Zcash.
This is the BGCI chart…I think we put in a low yesterday. retouched the highs of late last year and the point of acceleration that led to the massive rally/bubble… markets like to retrace to the breakout..we retraced the whole of the bubble. #callingabottompic.twitter.com/EasTBYgjSj
— Mike Novogratz (@novogratz) September 13, 2018
