Bitcoin Will Consolidate Between $7,000 and $10,000, Says Billionaire Investor Mike Novogratz

Francisco Memoria

Billionaire investor Mike Novogratz has recently predicted the price of bitcoin will consolidate between the $7,000 and $10,000 marks, although he admitted there’s a lot of excitement in the space, which could see the cryptocurrency’s price go higher.

According to Bloomberg, Novogratz’s words came during a conference call discussing the first-quarter financial results of his firm Galaxy Digital. During the call, he stated:

On a go-forward basis, Bitcoin probably consolidates somewhere between $7,000 and $10,000. You know, trees don’t grow to the sky.

The billionaire investors added that if he is wrong, he believes it’s to the upside, as “there’s enough excitement and momentum that it could carry through.” This week bitcoin’s piece briefly surpassed the $9,000 mark, before falling 10% in under six hours.

To Novogratz, the cryptocurrency’s rally in the last few months, which saw it recover from a $3,200 low, can be attributed to wider mainstream acceptance of cryptocurrencies and blockchain technology.

As examples, the investor pointed to Facebook reportedly working on its own cryptocurrency to let users transfer money through its messaging apps, and to Microsoft building decentralized identity solutions on the Bitcoin blockchain.

The former Goldman Sachs partner added:

We have gone from, you know, crypto as an experiment, is it real? Is it tulips? To crypto is going to be a substantial part of the financial and consumer infrastructure of the world.

Galaxy Digital itself is seemingly turning its situation around. Last year it saw a net loss of $134 million during the three months ending on March 31, while this year it saw net income of $12.9 million. The income was a result of realized gains on cryptocurrencies, and unrealized gains on investments.

As covered, Novogratz has noted he doesn’t believe altcoins will surge in the near future like they did in the 2017 bull run, and noted he sees bitcoin dominate the market. The billionaire investor has predicted BTC will hit $20,000 within 18 months.