'Get on the train': Famed investor Michael Novogratz says bitcoin will soon break the $10,000 threshold as US turmoil spreads
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Matthew Fox
Jun 2, 2020, 20:17 IST
Mike Novogratz speaks at the SALT conference in 2015Reuters/Rick Wilking
Famed investor Michael Novogratz tweeted on Monday that bitcoin will soon take out the $10,000 resistance level, telling his followers, "Get on the train."
Novogratz said that turmoil spreading throughout the US only adds to the bitcoin narrative, with budget deficits likely to increase as municipalities grapple with depressed business due to the coronavirus pandemic as well as a surge in looting and rioting due to the George Floyd protests.
Novogratz isn't the only famed investor bullish on bitcoin. Hedge fund manager Paul Tudor Jones recently detailed his bullish views on bitcoin, as well as billionaire investor Chamath Palihapitiya.
Longtime bitcoin bull Michael Novogratz of Galaxy Digital tweeted on Monday that bitcoin will soon take out the $10,000 resistance level and traders should get on board.
"$BTC is coiling. It will take out 10k soon. All the tragic turmoil in the USA adds to the narrative. Budgets are going one way and it's the opposite of balanced. When 10k goes it will move fast. Get on the train," Novogratz tweeted.
A few hours after the tweet, bitcoin did in fact break above $10,000.
In technical analysis, a coil is also known as a symmetrical triangle charting pattern. The pattern tends to be a continuation pattern of a former trend and occurs when a security makes a series of lower highs and higher lows.
Novogratz said he thinks that turmoil spreading throughout the US only adds to the bitcoin narrative, with budget deficits likely to increase as municipalities grapple with depressed business due to the coronavirus pandemic as well as a surge in looting and rioting due to the George Floyd protests.
Novogratz isn't the only institutional investor who is bullish on bitcoin.
While there are differing reasons for bitcoin bulls' investment rationale, they all tend to agree on one thing: Bitcoin is a decentralized security that has limited supply and can serve as a hedge against central banks' unlimited money printing policies.
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