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BTC - Novogratz says Bitcoin could hit $20k by May

By donekim | dblog | 16 Feb 2020


Mike Novogratz says king Bitcoin could hit $20k by the Halving

Bitcoin is showing some weakness today with prices losing the $10k support, but that may not last for very long.

According to Mike Novogratz of Galaxy Digital Investments, we could very easily see bitcoin hit $20k by its halving in early May.

Most estimates point to the exact date of the Halving around May 10th.

Novogratz initially said he thinks we take out the old highs by the end of 2020, but then said it could happen as early as the Halving in May:

“Right now, Bitcoin feels a little frenzied and we could see it surge up, but I think that by the end of the year we could certainly take out the old highs, or at least we go to the old highs."

“We might be there literally by the halving, which is in a couple of months.”

(Source: https://cointelegraph.com/news/best-brand-bitcoin-can-hit-20k-by-may-halving-says-mike-novogratz)

He may end up being right...

Tom Lee of Fundstrat recently said that past patterns indicate bitcoin could see $27k by August of this year.

That is due to bitcoin now being above its 200 day moving average.

Historically, when bitcoin is above its 200 day moving average it returns close to 200% within the next 6 months.

More on that can be seen here:

https://steemit.com/bitcoin/@jrcornel/btc-bitcoin-now-likely-to-see-200-returns-within-the-next-6-months

Personally I could see both being right.

Past halving patterns dictate that bitcoin will make new highs a couple months post halving.

We will see if that same pattern plays out again here.

Stay informed my friends.

Image Source:

https://www.ccn.com/billionaire-mike-novogratz-crypto-fund-is-fidelitys-first-custodian-client/

-Doc

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donekim
donekim

CryptoAsset & Blockchain / STEEM & EOS Journalist


dblog
dblog

CryptoAsset & Blockchain / STEEM & EOS Journalist

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