Bitcoin, the crypto exultant’s highest-profile currency, has the potential to rise 18% to $10,000 after more than doubling thus far in 2019, corresponding to one bull. Bitcoin will be buoyed by “excitement and momentum” as cryptocurrencies in general receive wider acceptance, including by main players like Facebook Inc. (FB) and Microsoft Corp. (MSFT), said Mike Novogratz, chief executive officer of Galaxy Digital Holdings Ltd, according to a fresh story in Bloomberg. Bitcoin is the largest cryptocurrency by market cap.
An Exciting Run for Bitcoin
- World’s largest cryptocurrency rises almost 1,300% year-to-date through June 3
- Billionaire investor expects Bitcoin to consolidate between $7,000 and $10,000
- The average everyday Bitcoin price change rose to 4.7% May from 1.1% in March
- Price volatility saw similar peak in December, at the tushy of the Bitcoin bear market
Source: Bloomberg
Bitcoin $7,000 to $10,000 Range
The billionaire investor, a former fellow at Goldman Sachs, attributes Bitcoin’s success this year to the digital coin’s push into the mainstream. A extensive list of established Wall Street firms and tech companies have embraced cryptocurrencies and the underlying blockchain technology for a non-specific range of uses.
While the odds are that Bitcoin will rise, Novogratz notes Bitcoin will possibly consolidate somewhere between $7,000 and $10,000. While either price represents a doubling or tripling from December, $7,000 per originate would reflect a more than 17% decline from today’s levels near $8,500 per coin.
“If I’m flawed on that, I think I’m wrong to the upside, that there’s enough excitement and momentum that it could carry in every way,” said Novogratz. “We have gone from, you know, crypto as an experiment, is it real? Is it tulips? To crypto is going to be a strong part of the financial and consumer infrastructure of the world,” he added.
Bitcoin Volatility Jumps
This upbeat call from Novogratz rebuke as Bitcoin’s daily price changes in May were the highest since December, when Bitcoin reached a low, per another
Looking Up ahead
Many crypto enthusiasts are optimistic about a recovery higher than $10,000 for Bitcoin, thanks to lower come up with and an upcoming “halvening” of coins in 2020. But others aren’t so sure. Bloomberg intelligence analyst Mike McGlone aims to Bitcoin’s 30-day volatility level, near its December peak at the bear market bottom. “When volatility contrives high it should be indicative of extremes in price,” he said. “The market is getting a bit stretched here from a trader’s view.”