Cryptocurrencies
Novogratz Sees Bitcoin Consolidating in $7,000 to $10,000 Range
- ‘Pure excitement’ could push price higher, Galaxy CEO says
- Credits rally to Facebook’s and Microsoft’s blockchain embrace
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Given the huge run-up in cryptocurrencies this year, billionaire investor Mike Novogratz is predicting Bitcoin will soon consolidate to a narrower trading range, but noted that pure excitement could carry prices even higher.
“On a go-forward basis, Bitcoin probably consolidates somewhere between $7,000 and $10,000. You know, trees don’t grow to the sky,” the chief executive officer of Galaxy Digital Holdings Ltd., said on a conference call Thursday discussing the company’s first-quarter financial results. “If I’m wrong on that, I think I’m wrong to the upside, that there’s enough excitement and momentum that it could carry through.”