Bitcoin’s Price Forecast: Novogratz Recommends Buying on Price Decline
Although Bitcoin remains in an uptrend, some experts believe that now is not the time to follow Michael Novogratz’s suggestion to buy Bitcoins. Probably the price will retest this week’s low before or after the FOMC decision. The rebound in Bitcoin’s price coincided with the general comeback in stocks. In Europe, the DAX, FTSE 100 and CAC 40 indices rose by more than 1%.
Bitcoin’s price recovered on Tuesday, September 21st, after the dramatic drop from the previous day. At the moment, it is at $42,191 (€35,958), about 8% above this week’s low. Other cryptocurrencies such as Ethereum, Solana, Algorand, Vechain, and Hedera Hashgraph have also recovered.
Read more about Bitcoin’s price and why you should invest when the price is declining, and read the latest financial headlines with the Born2Invest mobile app.
Should you buy BTC now?
The rebound in Bitcoin’s price coincided with the general comeback in stocks. In Europe, the DAX, FTSE 100 and CAC 40 indices rose by more than 1%. In the United States, futures for the Dow Jones and Nasdaq 100 rose by more than 0.60% and 0.90%, respectively.
At the same time, the U.S. dollar index and the CBOE Volatility Index (VIX) have declined as risks abate. The price action can be attributed to investors absorbing price losses after short-lived crashes. It was all triggered by the U.S. debt ceiling crisis and the Evergrande crisis.
Some analysts believe that the drop in Bitcoin prices was a good opportunity to buy. In an interview with CNBC, Michael Novogratz, the founder of Galaxy Digital, said that investors should invest in the currency especially with the recent bitcoin crash.
He pointed to the fact that investors’ fear of the debt ceiling and Evergrande led to irrational selling of Bitcoin and other assets. At the same time, he pointed out the fact that Bitcoin managed to stay above the important support at $40,000.
Most importantly, he talked about the numerous inquiries about cryptocurrencies that his company receives. Indeed, on-chain data shows that the number of Bitcoin transactions has increased. The number of active Bitcoin addresses with balances greater than zero has also increased. The number of investments in cryptocurrencies and blockchain technology is also increasing.
So is Novogratz right? First, we have to take his opinion with a grain of salt, because he profits when Bitcoin and other cryptocurrencies rise. Second, as our experts wrote in the Ripple price forecast, this price rise resembles a “dead cat bounce.”
Bitcoin Price Forecast
In a Bitcoin price forecast published on Monday, September 20th, it was pointed out that the coin is likely to continue the downtrend as the bears target $40,000. This view was correct as Bitcoin moved to this support level.
Currently, the BTC price has risen to $43,000. This development could be a relief rally, which typically occurs after a sharp decline in an asset. In addition, the coin is slightly below the neckline of the recent double top and bearish flag pattern.
Although Bitcoin remains in an uptrend, some experts believe that now is not the time to follow Michael Novogratz’s suggestion. Probably the price will retest this week’s low before or after the FOMC decision.
(Featured image by TamimTaban via Pixabay)
DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.
This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.
First published in CRYPTO MONDAY, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.
The TopRanked.io Weekly Digest: What’s Hot in Affiliate Marketing [Week 12]
Empires come in all shapes and sizes, from small upstart affiliate businesses right through to world-dominating empires like TikTok. And...
Green Technologies: Why Southeast Asia is the New Global Investment Frontier
According to a report by the United Nations Environment Program, annual green funding flows in Southeast Asia have been estimated...
Eniax Signs Cerba, Analiza, and Oftalvist as Clients and Aims for 1M in Sales in 2023
Eniax also works with some medical centers in Spain, such as the HLA Moncloa University Hospital in Madrid, from Grupo...
GreenIT and Copenhagen Infrastructure to Develop Three 2 GW Offshore Wind Farms
GreenIT was established in March 2021 and is dedicated to the development, construction, and operation of plants for the production...
Concrete Investing Launches €4.75 Million Crowdfunding Campaign
Concrete Investing has financed 24 real estate transactions to date in four years of activity, with about €46 million raised,...
Business1 week ago
The TopRanked.io Weekly Digest: What’s Hot in Affiliate Marketing [Week 11]
Featured5 days ago
Italian-Irish Startup HTMS Closes $15 Million Round
Crypto2 weeks ago
Bitcoin (BTC) Pumps and Benefits from Macroeconomic Trends
Featured7 days ago
Volatility in the Stock Markets Is Never a Good Sign