Mike Novogratz Speaks on G7 Plans Ahead of Libra and Bitcoin Price Analysis

By Nivesh Rustgi
Published August 1, 2019 Updated August 13, 2019
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Mike Novogratz Speaks on G7 Plans Ahead of Libra and Bitcoin Price Analysis

By Nivesh Rustgi
Published August 1, 2019 Updated August 13, 2019

Reportedly, G7 leaders held a meeting recently in which they decided to impose a universal tax of digital activities. French Minister of the Economy and Finance Bruno Le Maire told the media,

“We hope between now and the end of August — the G7 heads of state meeting in Biarritz — will reach an agreement,”

Nevertheless, the US under Donald Trump is opposing the system, as they want to establish independence. This can be largely attributed to the fact that Facebook, the Social Media giant that came up with Libra is actually based in the US.

It is no secret that if the cryptocurrency plans go through Facebook stands to increase it’s revenue considerably. Mike Novogratz, an angel investor said in an interview,

If you’re the Federal Reserve of the treasury and Bitcoin was being used as a currency… starting to eat away the dollar. You’d be really nervous. That’s why I think they are more focused on Libra that Bitcoin…. Bitcoin’s got a long way to go…”

According to him, Bitcoin is not a threat to gold yet because of its comparatively low market capitalization. However, Libra is a greater threat because of its a direct challenge to the treasury.

Bitcoin [BTC] Price Analysis

The analysis that Mike Novogratz presented before us when Bitcoin touched a high around $14,000 on 26th June 2019 was simple. While some most traders were looking for another massive move in either direction, Mike Novogratz noted on 27th June,

I wish I sold a lot yesterday, I think we’re gonna be in a range between $10,000 and $14000.

BTC/USD 1-Day Chart on Bitstamp (TradingView)

Indeed, his prediction has been accurate for the past month. What’s more striking is how sentimental analysis is ruling over the TA at the moment. When Joe Kerner asked him if he felt Bitcoin would fall below $6000. Mike Novogratz, who holds a larger percentage of Bitcoin than gold noted,

I don’t think so. I think if it goes below $8,500 I’ll get nervous. If it goes below $6,000 I’ll get real nervous,

Moreover, the 8,500 predictions seemed to have stemmed from the Bitcoin gap analysis on the Futures market at CME. Richard Heart has been backing the analysis for a long time. Moreover, an update to it, he tweeted,

The $8500 gap fill might not happen. In a bull market you don’t get too much time to buy the dip. I think dip period time may have expired. Price is $10,000 #Bitcoin

While the timelines on the bullish target were not proposed, a bullish stance was largely maintained.

Do you agree with their analysis? Please share your views with us. 


The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Nivesh Rustgi
1181 Articles
Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com

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