Famous billionaire Mike Novogratz joined the crowd of market watchers expecting a Bitcoin rally in the fourth quarter. Novogratz predicts that the next Bitcoin rally will take place in late 2021.
During an appearance on CNBC on Wednesday, Galaxy Digital CEO Mike Novogratz said he predicts another Bitcoin rally before 2021 ends.
Using a horse racing analogy, the CEO claimed that a horse that turned a corner closer to the finish line was more likely to win:
“I’m still pretty optimistic about the fourth quarter in crypto, but I think we still have a lot of corrections to go through. In investing, the best-performing asset class at the end of the year usually ends the year great.”
Attention to the 40,000 Dollar Level!
Novogratz believes that the market is currently in “consolidation mode” and emphasizes that it is very important for Bitcoin to maintain the $40,000 level.
However, the famous CEO does not ignore the fact that the world’s largest crypto may revisit $ 38,000 before experiencing further rises, and for now he expects volatile trading to continue.
Another Red September
Although Bitcoin started off strong this month, another September is poised to end in the red for the crypto market as China’s latest crypto ban puts more bearish pressure on the top cryptocurrency.
Evaluating the reasons for this bearish outlook, Novogratz explained in his latest tweet the main reasons for the current weakness of the cryptocurrency:
“Three factors are causing the market drop: China reiterates its anti-crypto and anti-freedom stance; US Fed drives contraction; 45k is encountering major overall resistance on the chart. The worldly story remains as compelling as ever, but price consolidation will continue.”
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.