Novogratz: Bitcoin is “at the start of a very big bull market”
The Bitcoin price seems unstoppable at the moment, having reached another annual high today and the highest level since January 2018. At the time of going to press, the Bitcoin price had risen to USD 14,479, an increase of around 5.0% over the last 24 hours. Even bearish news, such as the suspension of withdrawals at OKEx, the $200 million hack at Kucoin or the uncertainty about the outcome of the U.S. elections have not been able to slow down the momentum.
Mike Novogratz, CEO of Galaxy Digital and former partner of Goldman Sachs, was more positive than ever about Bitcoin in an interview with Squawk Box. Novogratz explained that Bitcoin has now officially entered a bull market. In addition to the above reasons, he also said that the central banks, which will continue to print money without limits, will give Bitcoin a further boost. According to Novogratz, Bitcoin is increasingly seen as a hedge against fiscal irresponsibility:
Cryptocurrency was bid the whole night […] We’re in a bull market in Bitcoin. The Fed is going to be continue to print. The crypto world has a expression, you know the Fed goes brrrrrrrr, that printing press goining on and on. And so,less fiscal, more Fed, good for crypto. I think there is a bigger story with crypto. We have crossed the Rubicon in its adoption. You gonna see every bank, every tech company getting involved, so I think we are at the start of a very big bull market.
Josh Rager, the renowned analyst, is also currently showing a bullish mood. Via Twitter, Rager emphasized that the renewed daily close of USD 14,000 is a massively bullish sign, which above all is happening “without much excitement”. In this respect, Rager sees the USD 16,000 mark as a possible new target on the way to the all-time high of USD 20,000:
Again Bitcoin printing higher-highs on the daily at over $14,000 Yet it seems like it’s doing so without much excitement Could be the election distraction but it doesn’t seem like many realize how big this is Send it straight over $16k and maybe that will wake a few up.
Interestingly, 97.27% of all Bitcoin investors are currently already in the profit zone. As reported by Intotheblock, according to the “In/Out of the Money” indicator, less than 3% of investors who bought Bitcoin at any point in its history would be in the loss range if they sold today. A staggering 32.23 million addresses currently hold Bitcoin and could sell their holdings at a profit today.
As Santiment reported on Twitter, the USD 14,000 eruption was accompanied by massive BTC inflows into exchanges. According to Santiment, deposits exceeded the 2019 level:
Massive $BTC exchange inflow spike showing up on @santimentfeed‘s data. This is the largest spike since July, 2019. The 16-month high spike is something to watch very closely, leading up to tonight’s US election results. […]
With US election polls closing, and just hours until results pour in, #Bitcoin has again pushed above $14,000. Sparked by exchange flow activity levels last seen in July, 2019, this marks the 2nd time price exceeded $14k in 4 days… and 3rd in 33 months.
Source: crypto-news-flash.com; cointelegraph.com
