By Hidayat Sultanli
On Sep 12, 2020
The current situation in the cryptocurrency market shows that prices are rising. But there is also an opinion that the bull market is not eternal, and everything can turn out as in 2017. Opinions vary, but most are confident that the price of the cryptocurrency will reach unprecedented heights over the past few months.
One of the predictions was made by former hedge fund billionaire Michael Novogratz, Galaxy Digital’s founder, CEO, and chairman. Based on the floating state of the entire economy, it assumes that by the end of October, Bitcoin will reach $14,000, and by the end of the year, it will be $20,000 at all. This forecast is supported by the fact that “The Financial system is currently struggling with inflation.” If his forecast comes true, the price of BTC will grow by almost 27% by the end of the year.
The growth was because retail interest directed from the stock market to BTC said Michael Novogratz.
“Bitcoin still has a lot of retail interest in it. A lot of that retail interest shifted to the story stocks, to the tech stocks, because they were just more fun, yesterday you saw a lot of money shift back over to gold and bitcoin.”
The forecast also applies to gold. Like most analysts, Michael is confident that gold will take an uptrend as well as BTC. Because it is easier to get access to assets with gold, and cryptocurrency has a higher acceptance rate than gold. Thereby, the investors are trying to invest in both assets. Thus, the first one is stable on the market, and the second one attracts with its advantages and features.
Does the question arise whether you can trust the forecasts of the general director? We are certainly sure of this because, like many other bitcoiners, he has invested a significant amount of money in BTC. Approximately investing 20% of it in this cryptocurrency.
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