Novogratz Warns Bitcoin’s Next Leg Lower Could Take it to $6,500
- Bitcoin fell to five-month low this week amid Libra testimony
- A break below 200-day moving average could push it to $6,500
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In the wake of Wednesday’s more than $600 plunge, Bitcoin maven Mike Novogratz warned that the digital currency’s next leg lower could take it all the way down to $6,500. That would represent a 13% drop from current levels.
“There’s been a bunch of negative things that have happened recently,” the chief executive officer of Galaxy Digital Holdings Ltd. said in a television interview with CNBC on Thursday. He added that Bitcoin will “need new energy” to make a move back to the $8,000 range.