Mike Novogratz Explains BTC Price Surge Requirements
Mike Novogratz, long-time bitcoin bull, has always supported the leading cryptocurrency despite taking various precautions against the general market as he stated in a recent interview. At the Beyond Blocks Conferences, Novogratz discussed his thoughts on bitcoin and its price, as well as the foreseeable future of the digital coin, how far its adoption will go, BTC exchange-traded funds and much more.
Novogratz displayed confidence in stating that bitcoin has hit its low, one opinion shared among many other like-minded individuals. According to the bull, bitcoin’s $6.8K support level has been pressed against more than just a few times and currently serves as a comeback level for more bull-runs related to BTC. As he states, Novogratz believes that as of now, a new bottom is being set up to launch any upcoming bull runs.
As per Novogratz, an actual bull run for BTC is based more on its principal factors as opposed to its technical ones. He believes that regulations and custody of bitcoin are two mandatory factors that will open up a path for the first cryptocurrency to break through its current resistance and reach new highs. Clarity and transparency into bitcoin are needed and without these two factors, the coin stands no chance of escaping its current level.
Responding to the reasons behind bitcoins $6.8K low, Novogratz essential analysis and that the increased of BTC acceptance and adoption is a clear indicator of how valuable the coin is and is the primary reason for why he is so adamant about bitcoins price and how it would not drop anymore.
Big Names Big Profit
Mike Novogratz believes that institutional investors require a precise amount of security to promote more investment in the cryptocurrency industry. Distinguished names like Goldman Sachs and Nomura must first be introduced and involved in the crypto-industry to draw in additional investors of the same scale.
Following his previous prediction about the price of BTC, it’s date is closing in and he states that this spike in price could happen anywhere between six and 18 months and that a total market capitalization would reach $800B within just one year. He states that bitcoin will breach through to $10K initially before reaching $20K.