Mike Novograts to CNBC: ‘I Think Bitcoin’s Price has Bottomed’

[bbc.reporter]

I reckon many of you have started accepting the possibility that bitcoin has reached the bottom, versus 2 weeks ago, when all of you were always ready to throw rotten tomatoes at me. But I understand. The mood 2 weeks ago was very in denial and pessimistic. Also, any bullish article shared was taken as trolling hehehe.



CEO of Galaxy Investment Partners Mike Novogratz expressed his optimism for the future of Bitcoin to CNBC’s Crypto Trader in an interview at the Beyond Blocks Conference in Seoul, South Korea.

In a previous interview during December of last year, Novogratz stated that he was not interested in investing in Bitcoin due to the looming uncertainty to follow Bitcoin’s 2017 boom. However, Novogratz has since become bullish on the prospects of Bitcoin, stating that he thinks the price of Bitcoin has finally hit bottom.

“I think we’ve pretty much bottomed,” says Novogratz.

Novogratz also suspects a “tipping point” is coming and all it takes is for one large financial institution to come into the cryptospace for the rest to follow. Novograts believes this tipping point will come within the next 6-18 months.

Read in full https://unhashed.com/cryptocurrency-news/mike-novogratz-cnbc-bitcoin-bottomed/

[1714938192]

1714938192

[1714938192]

1714938192

[1714938192]

1714938192

[Phenoca]

As a bull, a 7-month low always gets me way more hyped than a 1-month high.

[bbc.reporter]

I reckon the speculators in the forum are not convinced that bitcoin's price has bottomed. Also, maybe we are not that persuaded yet that the pump is sustainable at the same time hehehe.

The absence of comments and advice might be showing that we are in a stage of confusion.

[pooya87]

The absence of comments and advice might be showing that we are in a stage of confusion.

or it shows that the subject of reaching the bottom was already discussed elsewhere in multiple different topics and also shows that people don't care what some old hedge fund manager dude who advertises his BlockFi fundraising says about bitcoin price

[davis196]

Bitcoin has a great future,but it`s future isn`t actually tied to the bitcoin price(most people believe that the higher bitcoin price,the better,which might be wrong).I think that the bitcoin price has to move in the range between 8K and 16K in order to be safe.Anything above 20K will raise a reg flag for the central banks and govenments and they will start all the "don`t get into this dangerous bubble!" type of  FUD propaganda.

[Pursuer]

we have been saying bitcoin has bottomed when it was at the bottom but good for him to say it now that we are 40% above that bottom and about 1 month has passed

Bitcoin has a great future,but it`s future isn`t actually tied to the bitcoin price(most people believe that the higher bitcoin price,the better,which might be wrong).

many people see bitcoin as an investment only so this mindset will exist and we can't do anything about it.
but there is a correlation here: better future means more adoption and a higher price as a result.

I think that the bitcoin price has to move in the range between 8K and 16K in order to be safe.Anything above 20K will raise a reg flag for the central banks and govenments and they will start all the "don`t get into this dangerous bubble!" type of  FUD propaganda.

if you think banks and government saying something negative about bitcoin is going to make it "unsafe" and threaten its future then you are admitting that bitcoin has failed as a decentralized currency that doesn't need approval of banks or the government to succeed.

not to mention that if anyone wants to start a propaganda they will do it at any price, even when price was $400 we had major FUD about bitcoin.

[arpon11]

I reckon many of you have started accepting the possibility that bitcoin has reached the bottom, versus 2 weeks ago, when all of you were always ready to throw rotten tomatoes at me. But I understand. The mood 2 weeks ago was very in denial and pessimistic. Also, any bullish article shared was taken as trolling hehehe.



CEO of Galaxy Investment Partners Mike Novogratz expressed his optimism for the future of Bitcoin to CNBC’s Crypto Trader in an interview at the Beyond Blocks Conference in Seoul, South Korea.

In a previous interview during December of last year, Novogratz stated that he was not interested in investing in Bitcoin due to the looming uncertainty to follow Bitcoin’s 2017 boom. However, Novogratz has since become bullish on the prospects of Bitcoin, stating that he thinks the price of Bitcoin has finally hit bottom.

“I think we’ve pretty much bottomed,” says Novogratz.

Novogratz also suspects a “tipping point” is coming and all it takes is for one large financial institution to come into the cryptospace for the rest to follow. Novograts believes this tipping point will come within the next 6-18 months.

Read in full https://unhashed.com/cryptocurrency-news/mike-novogratz-cnbc-bitcoin-bottomed/

Hope those that are speculated that bitcoin will fall to $3,000 before recover can now see that thing has actually change.  The type of bullish trend we are seeing now was just like what we have last year.  Bitcoin has tried to make above $400 daily for the past few days .

[Pursuer]

Hope those that are speculated that bitcoin will fall to $3,000 before recover can now see that thing has actually change.  The type of bullish trend we are seeing now was just like what we have last year.  Bitcoin has tried to make above $400 daily for the past few days .

no real speculator has ever actually expected the drop down to $3000. at least all the cases that I have seen and I have seen a lot, have been trolls and desperate newbies who missed the chance to buy or sold at the bottom and wanted the price to go lower so they could buy back.

and by the way $400 rise these days means 5% rise which is nothing.

[Weawant]

Hope those that are speculated that bitcoin will fall to $3,000 before recover can now see that thing has actually change.  The type of bullish trend we are seeing now was just like what we have last year.  Bitcoin has tried to make above $400 daily for the past few days .

no real speculator has ever actually expected the drop down to $3000. at least all the cases that I have seen and I have seen a lot, have been trolls and desperate newbies who missed the chance to buy or sold at the bottom and wanted the price to go lower so they could buy back.

and by the way $400 rise these days means 5% rise which is nothing.

5% rise can actually rise up some emotion since base of the statistics these days the bitcoins price go stretch a little more wider and by this maybe the ecosystem is building up a little positive output to those newbies who's seeking justice for the bits they've bought at the top price back on December - January. And I wouldn't expect for a dump less than $3000 since if that one happen then maybe it will take a long time for us to trust the bitcoins dominance again.

[bbc.reporter]

The absence of comments and advice might be showing that we are in a stage of confusion.

or it shows that the subject of reaching the bottom was already discussed elsewhere in multiple different topics and also shows that people don't care what some old hedge fund manager dude who advertises his BlockFi fundraising says about bitcoin price

Agreed. There were already many discussions where the bottom is going to be since January. Many thought it was on $15,000 or $10,000. I reckon they have already given up and have stopped resisting the bear market because some of them are now so sure that the bottom will be below $5000 hehehe.

[STT]

I think finding the bottom was about seller exhaustion and reseting all the people who had hoped for an easy quick game and as a mirror of that were also willing to dump it on the way down having failed in that objective.   After a while the supply left is just the more longer term holders who are more widely distributed, patient  and willing to wait on any price the market throws out there.

Or from a purely numbers look, this area was very viable for a turnaround as far closer to an average for the past year.    We have the 200 day moving average in this area now and we are on the underside so I would think we have to do battle with that measure before being especially bullish.   Just out running a negative trend is good for price recovery but long term alot markets look at this 200 day price for a sign of the likely direction.

[dothebeats]

Both sides invalidate each other's analysis and observation when they know they are in control of the market over the other. Let's face it, during a bull run we feel high and mighty without even thinking about the possibility of a crash, same when a bearish trend is looming and the bulls take it as 'trolling' without considering the current market conditions. But going back, $5700+ could be the bottom of this trend, though it's early to say such knowing that what's happening now have already happened twice within a 6-month period, and could again slide back down sub-$6k or even lower.

[slaman29]

I'm sort of with you on this, I think bottom has already happened, but don't you remember the enthusiasm back in April or was it May? Everyone thought things were looking up, and they even wanted to pull out all the "I told you so" weapons. Then Bitcoin pulled back and hit a new bottom this year.

I'm not saying I don't want the bull run to happen. I just really want to have Bitcoin at a solid foundation before that happens. If Bitcoin ends the year STRONG at 8k that will be the best before we all head out for rallies non-stop in 2019.

[bobo012]

ETF rejection can bring a lot of dissapointment and we can surely see some selloffs in the near future if it happens. I personally think there is a low chance of etf being approved now in august, but a high chance that it will eventually be approved down the road.

[alyssa85]

Remember ladies and gentlemen, these types of stories only come out AFTER the big boys have invested.

I suspect Mike Novogratz is talking his book. He said in December that he wasn't interested in bitcoin - that was a sign he was shorting. Now he's announced that it's bottomed out - that's a sign he bought in around $6300.

Ditto stuff coming out from the likes of Soros. When they're slamming it, it means they're short. When they suddenly turn around and praise bitcoin, that means they've gone long and are trying to encourage the general public to get in, to force the price up.

[Torque]

Remember ladies and gentlemen, these types of stories only come out AFTER the big boys have invested.

I suspect Mike Novogratz is talking his book. He said in December that he wasn't interested in bitcoin - that was a sign he was shorting. Now he's announced that it's bottomed out - that's a sign he bought in around $6300.

Ditto stuff coming out from the likes of Soros. When they're slamming it, it means they're short. When they suddenly turn around and praise bitcoin, that means they've gone long and are trying to encourage the general public to get in, to force the price up.

This.

[European Central Bank]

https://www.cnbc.com/2018/07/26/the-biggest-crypto-firm-on-wall-street-just-took-a-134-million-loss-o.html

or maybe he's decided to attempt to gee up those assholes out there who dumped on him to pull him back to victory. the most obvious explanation usually works for me.

[upsidedown75]

You can't be %100 sure it has bottomed out this is bitcoin we are talking about. Not you, not mike and not anyone in the world can know what the bottom is for bitcoin.

However it was quite obvious that even than if it dropped it wouldn't dropped too much further. It was quite as low as it gets reasonably. I wouldn't be surprised if bitcoin hit 4k or even 3k yet I also wouldn't be surprised if it reached 20k as well. Bitcoin is just like that, going down %50 or going up %100 is both possible in bitcoin world.

[bbc.reporter]

Remember ladies and gentlemen, these types of stories only come out AFTER the big boys have invested.

I suspect Mike Novogratz is talking his book. He said in December that he wasn't interested in bitcoin - that was a sign he was shorting. Now he's announced that it's bottomed out - that's a sign he bought in around $6300.

Ditto stuff coming out from the likes of Soros. When they're slamming it, it means they're short. When they suddenly turn around and praise bitcoin, that means they've gone long and are trying to encourage the general public to get in, to force the price up.

Would that imply that he was only announcing his analysis that bitcoin has indeed bottomed out or his announcement was nothing but a trick to have everyone follow him, causing bitcoin to indeed bottom out?

It might have already worked hehehe!

[kryptqnick]

I reckon the speculators in the forum are not convinced that bitcoin's price has bottomed. Also, maybe we are not that persuaded yet that the pump is sustainable at the same time hehehe.

The absence of comments and advice might be showing that we are in a stage of confusion.

We can't be sure that bitcoin has bottomed already, because what is against new cycles of drops and ups with a light upward tendency? Even Novogratz said in the interview that he is not sure about it. And he still thinks we need a year for full recovery. As people were mainly hoping for things to get back to normal this summer, another year is a long time. SEC rejecting etf approval is also not helping to focus on the good future and road to success. And besides, Novogratz is a known btc believer from the early stages. It would be more meaningful if crypto-neutral financial analysts said the same thing.