Bitcoin Bounces off $6,575 As Bargain Hunters Start Buying

Siamak Masnavi

After the Bitcoin price reached $6,575 at 05:00 UTC on Monday (November 25) -- a level last seen back on May 10 -- it seems that bargain hunters moved in to grab some cheap BTC, helping Bitcoin to bounce of this new "floor" and surge over 11% in less than 12 hours.

By 16:00 UTC on November 25, Bitcoin was trading around $7,327. Since then, it has retraced to $7,169, as we can see in the 24-hour price chart from CryptoCompare, which is shown below:

BTC-USD 24-Hour - 26 Nov 2019.png

This kind of volatility prompted prominent economist and crypto trader Alex Krüger to send out the following tweet:

So, where is the Bitcoin price going next?

Well, of course, nobody knows for sure, but this is what Michael Novogratz, the Founder, CEO and Chairman of crypto-focused merchant bank Galaxy Digital, thinks:

 

Charles Hoskinson, creator of Cardano and CEO of IOHK, a man who is not known for giving out Bitcoin price predictions, said on November 22 that "crypto is unstoppable" and that he believes Bitcoin will reach $100K in the future:

 

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