By Solomon Odunayo
The price of Bitcoin (BTC), the largest cryptocurrency by market capitalization has been in a gloomy state since it recorded its yearly high in June. The recent sharp price drop makes it look more obvious that BTC could be heading to a more devastating price level. However, no one can tell accurately where and when the digital currency would bottom at the moment.
In this regard, Michael Novogratz, of Galaxy Digital Holdings was fueled by the recent downtrend experienced by Bitcoin to air his opinion about the next retracement level to expect for BTC price, during an interview with CNBC Squawk Box. There he said the next stop for the digital currency is $6,500, but later met with counter-opinion from a former Financial Consultant, known on Twitter as Cryptoamd.
Recent Devastating Fall of Bitcoin’s Price
About 24 hours ago, the hope of Bitcoin embarking on a fresh price uptrend was a bit alive. Then, BTC was priced at relatively $8,200. Little among the cryptocurrency enthusiasts could have expected the negative eventuality that later befell its value in the market.
Before the significant downtrend played out, some crypto experts have intensified the chances of Bitcoin dropping below expectation. An analyst specifically shared that the BTC would still retrace back to $6,500 price region.
However, least could have expected such a price action and level for a commodity that once surged closer to break $14,000 resistance 3 months ago. This present price correction has been likened to the one that played out during the 2018 historic bear market.
Then, Bitcoin recorded its price all-time high of relatively $20,000 but was rendered devastated by determined bears afterward. Back then, the retracement brought the price of BTC down to $3,100 price level before resurgence could set in.
The digital currency is displaying price action that resembles the aforementioned at present. BTC’s latest downtrend has, however, been attached to the recent testimony, which was delivered by the founder and CEO of Facebook, Mark Zuckerberg, before the United States Congressmen, over the controversy bothering on the embattled and the underway cryptocurrency, Libra.
Bitcoin has not indicated the signs of price resurgence yet, which has fueled some crypto analysts to keep echoing facts about the possibility of seeing more price lows for the digital token. At the time of filing this report, BTC is trading at $7,513.97, with 0.04% price uptrend in the last 24 hours.
Michael Novogratz’s Opinion On Bitcoin Price Trend
Michael Novogratz of Galaxy Digital Holding was in an interview at CNBC Squawk Box, discussing the next downside target for Bitcoin after the latest huge loss it experienced.
In the video interview, he opined that BTC would dump to $6,500, intensifying his belief for more price corrections for Bitcoin, before another parabolic phase that would be initiated by some factors.
In response to his opinion, Cryptoamd, who identified himself on twitter as a former Financial Consultant had a contrary opinion to Novogratz’s sentiment, but with a slight difference.
He averred that Bitcoin at $6,500 bottom is not feasible, but he would look forward to $6,800 for BTC. His sentiment is based on the present price action of Altcoins.
I don’t think $btc goes to $6,500. Lowest I’m looking at for now is ~$6800. The alts are my guide at the moment and they don’t look ready yet. https://t.co/IXmvkbJy8R
— AMD Trades (@Amdtrades) October 24, 2019