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Mike Novogratz: BTC Will Stay Down for a While

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Mike Novogratz – a bitcoin bull, billionaire investor and former hedge fund manager – took some time to discuss the most recent bitcoin drop, saying that it was a “liquidation event.”

Novogratz: Bitcoin Will Undergo a Serious Correction

The currency – which was trading at $64,000 per unit just a month ago – had fallen into the mid-$40,000 range earlier in the week following news that Elon Musk was ending all bitcoin payments through Tesla and that he was potentially considering selling his BTC. While nothing has come of the latter, this sent serious waves throughout the crypto space, and the world’s largest and most powerful cryptocurrency by market cap lost approximately $20,000 from April’s high.

However, now the asset has dropped even further, with the price of bitcoin trading for $37,000 at press time. This is a marginal improvement over the $31,000 it initially fell to during the early morning hours of today’s press coverage, but it is still considerably lower than where traders would like it to be.

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Novogratz commented that the bitcoin price is likely to stay this way for some time, and that things are going to remain unsteady for a while. In an interview with CNBC, he stated:

Humpty Dumpty never gets put back together in two days… when he cracks. It is going to take a while. The market will consolidate. It will find a bottom somewhere. I am hoping it is close to here.

Novogratz further commented that he saw bitcoin remaining between $36,000 and $38,000 for the next couple of months, saying:

The story has not gone anywhere. This crypto revolution has happened, but there are certainly setbacks for the wallets and for the investor base. People lost a lot of money, so they will dust themselves off.

Adding insult to injury is the latest report issued by JPMorgan, which states that many institutional players – which earlier this year, had a serious love affair with bitcoin and other forms of crypto – are now abandoning digital currencies in favor of gold-related investments. The precious metal has since skyrocketed to a price of approximately $1,900 per ounce, and gold is looking more attractive each day as bitcoin continues to fall into oblivion.

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Things Will Eventually Repair Themselves

Despite this, Novogratz is staying positive, and believes this is just the result of bitcoin being hit with multiple blows at once. He is also confident that more people will invest in BTC in the long run, saying:

I see a movement. I was out with two bank CEOs in the last month, and both were fascinated with decentralized finance. I just see an inexorable move from financial institutions and tech companies into the crypto space… A lot more people own crypto. Crypto has seeped into pockets all over our society and you had a confluence of events… where you started breaking down the positivity.

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The Cycle Started, Mike Novogratz Says – Bitcoin Boom Is Here; Jack Dorsey Boosts BTC’s Price

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Mike Novogratz is one of the essential names in the crypto space which is celebrating the booming price of Bitcoin.

Check out what he had to share with his followers and Twitter fans:

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Someone hopped in the comments section and said this; ‘Anyone who has not yet embarked on the crypto band wagon is a simple minded idiot who knows nothing about markets, freedom or wealth creation.’

Jack Dorsey boosts the price of BTC

It’s been also revealed that Jack Dorse said that Square could build a BTC mining system – this obviously triggered a more massive price race for the king coin.

At the moment of writing this article, BTC is trading in the green and the king coin is priced at $61,118.15.

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CNBC online publication just noted that Square CEO Jack Dorsey said late on Friday the company is considering jumping into BTC mining business.

Dorsey tweeted that the company is considering a “bitcoin mining system based on custom silicon and open source for individuals and businesses worldwide.”

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Dorsey’s goal would be to make crypto mining more accessible. We suggest that you check out the complete thread that Dorsey shared on his social media account in order to learn all the available details.

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Pantera Capital’s Dan Morehead: Bitcoin (BTC) Already Up 100% in This Bull Run

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How big is median increase in Bitcoin (BTC) price in bullish market phases?

As Bitcoin (BTC) reclaims $62,000 level, Dan Morehead, CEO of the first-ever cryptocurrency-focused VC firm in the U.S., shares the comprehensive statistics of the last six bull runs for Bitcoin.

Bitcoin (BTC) price doubled in 87 days: Bull Run 2021

According to the latest tweet by Mr. Morehead, the Bitcoin (BTC) price witnessed a 2x increase in the first 87 days of the ongoing bullish wave.

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Unlike many other experts, Mr. Morehead identifies two separate “bull run” phases in 2020-2021. During the previous one, between March 16, 2020, and April 14, 2021, it took 394 days for Bitcoin (BTC) to increase its price 13x and print a new all-time high.

According to his infographic, the most impressive rally ended with a 106x increase of the orange coin’s price in 2015-2017.

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That said, the median Bitcoin (BTC) price bull run lasted for 300 days and increased the “king coin’s price” by 15x.

Will Bitcoin ETF mark the top of the BTC cycle?

At the same time, according to “The Next Price Era” letter issued by Pantera Capital on Oct. 6, 2021, the hotly-anticipated approval of Bitcoin (BTC) ETFs is listed amidst the possible “sell the news” events.

Mr. Morehead noticed that the launch of CME Bitcoin Futures and Coinbase direct listing triggered painful bear markets:

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Will someone please remind the day before the bitcoin ETF officially launches?  I might want to take some chips off the table.

As covered by U.Today previously, similar statements were made by CNBC’s Jim Cramer.

The seasoned analyst also revealed his plans to “cash out” 50% of his Ethereum (ETH) bags.

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Bitcoin Will Significantly Underperform Altcoin Market As New Crypto Price Era Unfolds: Pantera Capital’s Dan Morehead

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The founder and chief executive officer of Pantera Capital says that investors can expect altcoins to outperform Bitcoin (BTC) in the long term.

In a recent edition of Pantera’s Blockchain Letter, the head of the digital asset management firm outlines Dan Morehead’s key quotes from the SALT 2021 conference in New York. During the conference, Morehead said that even though his company has greatly profited from BTC, he emphasized that most future crypto gains will come from altcoin investments.ADVERTISEMENT

“My perspective is: Bitcoin has been amazing – Pantera Bitcoin Fund is up 67,000% since inception. However, I think the majority of future gains will be from tokens outside of Bitcoin. I know that sounds heretical to some people here, but that’s my professional opinion.”

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Morehead compares the rise of Bitcoin and its competitors to that of the tech industry boom during the late 1990s.

“It’s like saying in 1998 that [the] majority of future tech gains would come from outside Microsoft.

At the time, Microsoft was worth $218 billion, Apple $3.5 billion, Amazon was $2.2 billion. Google and Facebook were zero – they didn’t even exist. In the years since Microsoft did great – it went up 10x. However, 80% of the tech gains in these five stocks came from outside Microsoft.

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That’s the view I have here – I think BTC is going to go up a ton – like 10x. It’s a great investment…[but] I think the broader portfolio is going to outperform.”

At time of writing, BTC has a market cap of $1.156 trillion while all altcoins combined have a market cap of $1.327 trillion, according to CoinMarketCap.

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