Bitcoin’s volatility got the best out of the king coin as it dropped below the $7500 mark. Discussing the coin’s future trends, billionaire Michael Novogratz featured in a CNBC interview and shared his expectations from the Bitcoin market.
While hoping that Bitcoin maintains its present resistance, Novogratz speculated that “$6500 would be the next downside.” He also claimed that in order to get back to the $8000 – $10,000 range, the ecosystem will need “new energy to make the big move.”
Hinting at some of the positive developments for the Bitcoin ecosystem, Novogratz highlighted,
“Bakkt just got set up. They have a Custody solution that is coming online, which will allow more people to feel comfortable with it (Bitcoin).”
He also stated that it is setting up a Bitcoin fund for taking care of custody and pricing, while allowing people to invest in Bitcoin “without setting up a Coinbase account or without worrying that their phone is going to get lost.” Novogratz added that the maximum wealth in the U.S. resides with the older generation’s brokerage accounts, going on to say,
“The most bullish thing (for Bitcoin) that could happen is for (Fidelity CEO) Abby Johnson to say all my 26 million users can now buy Bitcoin on my platform. Hasn’t happened yet.”
While there are reasons to believe that the coin will see some positive momentum, the king coin currently maintains bearish momentum.
