- Bitcoin likely to consolidate between $10,000 and $14,000 before the next rally.
- Bitcoin recovery to all-time high will be made possible by the incoming institutional clients.
One of the most respected Bitcoin bulls and the CEO of Galaxy Digital Mike Novogratz in a phone conversation with Bloomberg TV said the market is still in a bullish phase despite the correction from the highs around $13,800 to lows under $10,000. According to Novogratz investors should not worry about the rollercoaster ride as the next consolidation phase will bring Bitcoin to a higher level.
“I think we gonna see the market consolidate between $10,000 and $14,000 for a while before it takes off to the next lane higher.”
Novogratz says that the next bull rally will be made possible by the incoming institutional clients. The release of Facebook’s Libra cryptocurrency already gave Bitcoin a boots to $13,800 before the retracement. The CEO believes that with the new money coming in and other giant corporations like Facebook entering the crypto market, Bitcoin will grind closer to all-time high around $20,000.
Meanwhile, Bitcoin is trading at $11,295 at press time after recovering 4.3% on the day. As discussed earlier, the trendline support is key while a break above the 50 Simple Moving Average could boost Bitcoin above $11,600 resistance in readiness for an attack on $12,000. On the downside, Bitcoin is supported at $12,200 and $11,000 respectively. Other key support levels to look out for are $10,800, $10,400 and $10,000.
BTC/USD 11-mins chart
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