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For those who do not know  Mike Novogratz he is an ex-hedge fund manager. He is a former Goldman Sachs trader and also worked at investment firm Fortress Investment Group. He was ranked a billionaire by Forbes in 2007 and 2008 and now Novogratz is the chief executive officer of Galaxy Digital Holdings Ltd.

He now believes we could be in for another 13% fall to USD 6,500!  

In an interview with CNBC he said:

“There’s been a bunch of negative things that have happened recently,”  

He then added that Bitcoin would need  “need new energy” to push back up to the 8K level.

Novogratz stated the U.S. Security and Exchange Commission’s (SEC) decision to halt plans from popular messaging app Telegram to launch and produce its own cryptocurrency has also weighed on sentiment. “That was a kick in the stomach to the overall crypto ecosystem.” he said.

Today Bitcoin has recovered a touch after bouncing off the historical support level of 7,310.00 yesterday, The market often consolidates after a market crash as the supply and demand balance realign. There was some good news for the digital gold as Bakkt announced a BTC options contract will be created in the latter part of the year. So let’s see if there can be any positive momentum from that story but its looking doubtful.