It seems everyone has been a little unnerved by the recent sell off
Even the uber bull Mike Novogratz decided to chime in on the price action.
According to a recent tweet by Novogratz, he thinks that if bitcoin doesn't recover within the next two days (Wednesday), we are likely to see lower lows.
Here's his tweet:
(Source:
)https://twitter.com/novogratz/status/1199100675298381827
- novogratz
Specifically he wants to see bitcoin back over $7,500 by Wednesday or he thinks bitcoin will be range bound between $6k and $7.4k for the foreseeable future.
Novogratz has been better than most with is sentiment/chart calls...
Novogratz has made several price predictions over the years regarding bitcoin.
Some have been wrong, but many have turned out to be right.
He does seem to have a pretty good pulse on the bitcoin and crypto market.
Back in May he guided for a price range of $7,000 to $10,000 (with a possibility of higher on a speculative pump) for the immediate future as he foresaw prices needing to consolidate a bit as it came off the lows and broke through $10k.
His call ended up being pretty accurate, though a bit low.
Prices ultimately got near $14k before pulling back and consolidating between $9k and $12k for much of the summer.
Sentiment is approaching negative levels not seen in months
The Fear and Greed index, which is a measure of sentiment in the market, is showing levels not seen since exactly 2 months ago.
Check it out:
(Source: https://alternative.me/crypto/fear-and-greed-index/#fng-history)
According to Novogratz, we need to see prices get back above $7,500 or the sentiment and prices will likely head lower.
Interestingly enough, looking at the charts, I think he is only partly right.
My personal opinion is that the bounce we saw this morning off of $6,500 is the kind of bounce you often see at bottoms.
I am going out on a limb and saying that the $6,500 number was it, that was the bottom.
We shall see.
Stay informed my friends.
-Doc