The sentiment in the crypto community has shifted now that the bulls are back in charge. With the bitcoin price trading within striking distance of $12,000, investors know from experience that this could be just the beginning of another major rally.
Billionaire investor Mike Novogratz seems to think so. The Galaxy Digital chief tweeted to BeInCrypto that he added to his bitcoin position on Oct. 19, a decision made on prescience leading into a rally on Oct. 20.
And it’s what he had to say about where the BTC price is headed that could give investors a chance to capitalize on the momentum.
Novogratz expects that once bitcoin takes out $12K, not only does it move higher from there but it will do so quickly. He points to the fundamentals, including “too much demand from new participants,” as the catalyst. Novogratz told BeInCrypto,
Feels to me like we are about to take off. Take out 12k and it opens up a fast move higher. I am just seeing too much demand from new participants to not be super bullish. I added yesterday.
— Mike Novogratz (@novogratz) October 20, 2020
Bitcoin’s Rough Resistance
The $12K level is an important threshold for several reasons. Many consider it tough resistance and the BTC price has not been able to overcome it of late. Recent sessions have seen it remain stuck between the $10,000 and $11,000 area.
Once bitcoin manages to reattain this milestone, the last time of which was August 2020, pundits argue it could be off to the races again.
Bitcoin bull Ivan on Tech, who posts daily videos on YouTube where he has more than 260,000 subscribers, has been giving the play-by-play. He pointed out on Oct. 20 that the bitcoin price actually went straight to $12,000 but got rejected there, which according to him is “all according to plan.”
Bitcoin went exactly to $12,000 and got a big, juicy rejection
All according to plan 😎 pic.twitter.com/SCb8U9avuh
— Ivan on Tech (@IvanOnTech) October 20, 2020
Once the bitcoin price successfully breaks this level, Ivan on Tech is expecting big things, exclaiming in a tweet,
“Bitcoin will break $20,000 like a massive BOSS.”
The entire crypto community is likely glued to their screens to see if history repeats and the bitcoin price rallies to the moon.