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.”
Novogratz was responding to a crypto investor who is waiting for the BTC price to “moon” despite not being able to convince her family and friends about the benefits of bitcoin.
There have been green shoots of bitcoin adoption of late, the most recent of which being MicroStrategy upping its holdings from $250 million to $425 million. Similar to when Paul Tudor Jones jumped on the bitcoin train, the expectation is that MicroStrategy will inspire more companies to invest in bitcoin as part of their “treasury reserve strategy.”
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.”
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.
— Rekt Capital (@rektcapital) September 20, 2020
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 Mining Difficulty just adjusted.
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
(@hodlonaut) 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.