Popular billionaire & crypto investor Mike Novogratz was taken by surprise after bitcoin price became rapidly bearish on Thursday leaving the cryptocurrency trading at a price 10% lower than the previous day. According to Mike, that was a condition where he wished to have taken advantage.
In a price movement that could be described as a short-lived, featuring Bitcoin’s most rapid bullish movement in last 6 months, the cryptocurrency surged up to about $14,000 indicating a significant 22% increase in just a few days.
At the time of the interview, bitcoin’s price hit a tremendous stumbling block and had made a U-turn for the bottom, a situation in which bitcoin price was around $11,000 per unit, creating fear and uncertainty in many.
Mike, the chief executive officer (CEO) of Galaxy Digital Holdings Ltd. during an interview with CNBC on Thursday, admitted having sold off a part of his bitcoin holdings totaling about $10,000. However, he hoped he had sold more by the time where we saw bitcoin falling in price so drastically.
In Mike’s words,
“If you were perfect, you’d have sold a whole bunch yesterday,” he said in an interview with CNBC on Thursday. “When you go parabolic you have to.”
Mike has expressed regret for his action and now wishes to buy back at least his $10,000 bitcoin.
Mike is one of the respected crypto analysts who pride themselves in an accurate cryptocurrency price prediction and analysis.
Last month, Mike had predicted Bitcoin price would move between $7,000 and $10,000 but added that excitement and FOMO could carry it higher. His prognostication proved too conservative: the coin’s price reached as high as $13,852 this week. He updated his prediction in the interview, saying it may trade between $10,000 and $14,000.
“It was a frenzy,” said Novogratz in the interview.
Are you also caught up in FOMO like Mike, let us know your sentiments in comments.
Staff writer at Coingape. Certified cryptocurrency expert and Blockchain journalist covering crypto market analysis and general Blockchain adoption and development.
You can follow me on Twitter at @ShonubiDare or reach out to me at dare[at]coingape.com