Having successfully predicted the consolidation of Bitcoin between $10,000 and $14,000, cryptographer Mike Novograz says it's only a matter of time before the price rises to historic highs.
In a conversation with Bloomberg, he recalled a "big move" of $4,000 to $13,500 as a factor in the likely continuation of consolidation. In his opinion, Bitcoin will continue to trade within the same limits and at the very least will fall to $8,500, where there is a "level that can withstand".
"I hope he doesn't go down there, but if he does, I'd be surprised. I think that as institutional investors get excited again, maybe towards the end of the year, but I hope we'll get out of that range earlier and move to the previous heights of about $20,000," he said.
Large companies and trust funds from leading educational institutions, including Yale, Harvard and Stanford universities, expect cryptocurrencies to play an important role in the future, says Novograz. He expects their actions to have an impact on other major investors.
At the same time, he is not concerned about possible obstacles that lawmakers may impose on Facebook's cryptocurrency project. In addition to Libra, there is blockchain TON, which is being prepared for launch before the end of the year and which could potentially benefit hundreds of millions of people, the entrepreneur added.
"I think there is a high probability that the products will be distributed on large platforms that already exist, and all of this will later be transferred to the wider cryptocurrency community," he added.
This week, it became known that the company Novograz Galaxy Digital received an underwriter's license from the Financial Services Industry Regulation Service (FINRA).