The bitcoin price has once again dipped below the $11,000 threshold, which according to some market leaders has created a buying opportunity. Bitcoin bull Mike Novogratz appears to be in the camp that the current BTC price is a gift.
The Galaxy Digital chief on Twitter offered some analysis, suggesting that the bitcoin price is only trading at the current level is because it remains early innings for the industry. He explained that if there were more understanding and belief behind the leading cryptocurrency, “the price would be way higher.”
Big Bitcoin Position
Novogratz has previously shared how he holds “big positions” in both bitcoin and gold. In an August interview on CNBC, the billionaire investor revealed that even after missing out on some gains in the stock market, rather than keeping him up at night he’s been “sleeping like a baby with bitcoin.”
Bitcoin Price
While bitcoin price predictions aren’t as common as they used to be, crypto traders are sharing some analysis. Rekt Capital, a crypto trader and technical analyst, in March outlined the conditions for which the bitcoin price would be poised to reach a new all-time high in 2021. He said at the time that BTC was trading in Phase 4 of a four-year cycle. He noted back then that in 2020, the bitcoin price would try to rally to close above $14,334, which would set the stage for a new peak in 2021. On Sept. 20, Rekt Capital revisited the outlook, reminding their followers that the BTC price must surpass $14,300 before year-end in order to have a shot at reaching a new all-time high next year.Twitter account “hodlonaut” pointed out some strong fundamentals. Hodlonaut noted that the “security of the network is now more than 10x higher than when” the bitcoin price reached its current all-time high at year-end 2017.Bitcoin needs to make its way above 14,300 by the end of this year for a chance at reaching a new ATH in 2021$BTC #Bitcoin https://t.co/dX2P1uGEjq
— Rekt Capital (@rektcapital) September 20, 2020
If another wave of FOMO hits, there could be more people stacking sats than ever before — if the market watchers are correct.Bitcoin Mining Difficulty just adjusted.
— hodlonaut 🌮⚡🔑 🐝 (@hodlonaut) September 20, 2020
+11.35%
19,314,656,404,097
All Time High
The security of the network is now more than 10x higher than when BTC set price ATH end of 2017…. pic.twitter.com/iYpel2ftof
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Gerelyn Terzo
Gerelyn caught wind of bitcoin in mid-2017, and after becoming smitten by the peer-to-peer nature of crypto has never looked back. She has been covering the space ever since. Previously, she wrote about traditional financial services, Wall Street and institutional investing for much of her career. Gerelyn resides in Verona, N.J., just a hop, skip and a jump from New York City.
Gerelyn caught wind of bitcoin in mid-2017, and after becoming smitten by the peer-to-peer nature of crypto has never looked back. She has been covering the space ever since. Previously, she wrote about traditional financial services, Wall Street and institutional investing for much of her career. Gerelyn resides in Verona, N.J., just a hop, skip and a jump from New York City.
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