By Shelly Melancon (Switzerland)
Galaxy Digital CEO and Bitcoin proponent, Mike Novogratz, has never hesitated to state his opinion on the flagship cryptocurrency. In an interview with CNBC on Wednesday, Mike Novogratz shared his thoughts on Bitcoin and when the next rally for the asset is likely to happen.
At the interview, the Galaxy Digital CEO predicted the next move for Bitcoin, noting that he expects a rally in late 2021. Bitcoin began September with quite a momentum but lost it as the month progressed. The flagship cryptocurrency is ending this month with a lull, as the $45k mark proves to be a resistance zone.
Novogratz Says Bitcoin Will ‘Finish Best’
Mike Novogratz, while giving his analysis on Bitcoin, came up with a horse racing metaphor in which he noted that the horse which had a great turn at the corner near the finish line would finish best. Applying it to the crypto market, he asserted the asset class that has done the best- which is Bitcoin in this case- as the year the ends usually have a great finish.
Novogratz reasoned that Bitcoin is still at the ‘consolidation zone.’ Additionally, he believes that it is relevant for Bitcoin to hold the $40k zone. Though the CEO did not rule out the possibility of Bitcoin breaking that zone to the $38k region, which would be a two-month low since the digital asset plunged to the depths of $28k in July.
September Ends Badly for Bitcoin After Great Start
Historically, September has always proven to be a bearish month for Bitcoin. When the benchmark cryptocurrency started September in the green, industry experts thought the digital asset was about to betray the preconceived notion. For Mike Novogratz, he still thinks the bears are at the reins, so the market will continue with its fluctuations for some time.
While there have been a series of bearish events for Bitcoin and the market generally, Novogratz blamed the US Fed talks about tapering and the $45k opposition zone as the key factors for Bitcoin’s current weakness.
Even as there are only three months away before the year ends, the dominant prediction for Bitcoin is that the asset will attain a $100k all- time high before the year ends. Bloomberg expert strategist, Mike McGlone holds the same opinion but added that $85K is potentially the first ATH for Bitcoin before its breaks above $100k.
Expert analyst, Rekt Capital revealed in a recent report that Bitcoin will likely surge ahead of altcoins as soon as it begins the much-anticipated rally. He noted that altcoins will trail behind before their rally season in 2022.
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