Only three hours prior, Bitcoin’s most recent square prize dividing at long last happened.
Not at all like positive thinkers expected, the market didn’t siphon in the wake of this occasion. Rather, BTC is in reality down over 15% in the previous three days, having mobilized as high as $10,100 on Thursday to just tumble to $8,400 as of the hour of this present article’s composition.
However this drop has not halted a conspicuous Wall Street extremely rich person from anticipating Bitcoin will revitalize towards $20,000 before the year’s over.
TOP INVESTOR STILL EYES $20,000 BITCOIN PRICE
Addressing CNBC’s “Quick Money” board in the wake of the splitting, Galaxy Digital CEO Mike Novogratz held his bullish tone on the main cryptographic money.
He stated that with the entirety of the boost by governments, alongside the record measure of liquidity tasks by national banks, Bitcoin could move towards $20,000 before the year’s over.
Along with the positive macro outlook, Novogratz noted that Paul Tudor Jones, the legendary macro hedge fund investor, entering the Bitcoin space is especially notable.14 BTC & 30,000 Free Spins for every player, only in mBitcasino’s Crypto Spring Journey! Play Now!
This point was not expanded on, but many in the space believe that the investor’s entrance of the space is one of the most bullish things to happen to the cryptocurrency. The idea goes that because Jones is now in Bitcoin (and in the space publicly), other investors that were sitting on the fence are more likely to flock to buy Bitcoin now.
THE TECHNICAL OUTLOOK IS STRONG AS WELL
Novogratz’s sentiment was primarily back by the strong fundamental backdrop, yet the technicals are purportedly bullish as well.
After Bitcoin and the rest of the crypto market crashed more than 50% in a few days to $3,700, few analysts expected a rapid recovery.
There was at least one bullish voice cutting through the crowd, one who published an extensive Twitter thread hours after BTC hit $3,700 on why the bottom is in. Along with the assertion that Bitcoin had bottomed during that capitulation, the analyst also shared that a potential scenario he expects is a “V-shaped reversal.”
As we now know, this came true.
Now, this analyst has asserted that he remains bullish despite the recent volatility and retracement, identifying five trends to back his sentiment:
- Bitcoin’s recent drop was a “big shakeout” that has largely been absorbed by buyers, which have recovered BTC to $8,700.
- BTC retested and held key moving averages, such as the 50-week moving average and the 200-day moving average.
- Bitcoin’s price action is “arguably within wave 3,” which was a comment made in reference to his bullish Elliot Wave outlook.
- A “running flat” bullish pattern could develop.
- The drop allowed BTC to bounce off a historically important trendline.