Bitcoin has gone above $8,000 after a continuous upward movement since last week. Analysts believe a bull rally has started. Hedge Fund Manager Mike Novogratz shares that the next step for bitcoin price is $10,000 and then straight to $20,000 while in coming months custody and regulatory clarity are going to bring in a herd of institutional investors.
Bitcoin has finally crossed $8,000 price level. With a rise of about 4 percent, at the time of writing Bitcoin has been sitting at $8,006.
With the way, the world’s largest cryptocurrency is constantly in the green and on the rise, looks like Bitcoin bull rally has finally started. After 19 percent surge in bitcoin price last week, we have already gained 8 percent, and we are not even 2 days fully in this week.
Starting the day at about $7,700, Bitcoin has smashed through the $8,000 mark. The market cap of Bitcoin is $137 billion while 24-hours trading volume is $5.8 billion.
As Bitcoin is on the rise, the majority of the cryptocurrencies are in the red. From Ethereum (ETH), Stellar (XLM), XRP to Cardano (ADA), IOTA (MIOTA), Tron (TRX) and EOS, most of these cryptocurrencies are registering loses.
This has the BTC dominance rising to 46.7 percent. Since last week, the continuous Bitcoin increase in contrast to altcoins has boosted its dominance. Starting from the beginning of the year, the dominance has been on a downward shift. But now with price, it has also taken a hike and each day it is making new records for this year.
The hedge fund manager, Mike Novogratz who has been previously a partner at Goldman Sachs has been always vocal about bitcoin and cryptocurrencies.
This time, in an interview with CNBC’s Ran NeuNer he revealed that bitcoin has already bottomed out. Now, the next step for bitcoin price is $10,000 and then $20,000.
In the Beyond Blocks Conference in South Korea, he also stated that the biggest change this year is the institutional investors. He has also previously said that a herd of institutional investors is coming into the crypto market.
“We are pretty much bottomed, I am not positively Bottomed, but it feels like we have”
“I do think we are already building a nice bottom for the next move up. I think the next move up is gonna need custody from a trusted resource, it’s gonna need more regulatory clarity.”
As for hitting the 10k price, he shares, “We won’t take out 10,000 without those two things because that’s what bring institutional investors in, but we are gonna get there.”
For the price journey, he shared,
“We are gonna take out $10,000 then go right to $20,000.”
Novogratz has previously said that by the end of next year bitcoin will be hitting $25,000. But according to him this time it will lower than $800 billion because the custody solutions and regulatory clarity have yet to materialize. In the next 6 to 18 months, he believes it is going to happen.
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