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Galaxy Digital CEO Mike Novogratz believes that Bitcoin is in a bull market as the asset has crossed a milestone in its adoption cycle. The former hedge fund manager also noted that BTC will only benefit if the US Federal Reserve continues printing such excessive amounts of money.
Novogratz: Bitcoin Is In a Bull Market
Bitcoin has been on a roll lately and earlier today marked a fresh yearly high of nearly $15,000. Apart from breaking the 2020 record, this impressive price tag meant that BTC reached its highest level in over two and a half years.
However, it seems that Mike Novogratz believes this is just the start of Bitcoinâs surge. Appearing on CNBCâs Squawk Box, he said that BTC is in a bull market, and the Fedâs actions will only propel further price increases.
âWe are in a bull market with Bitcoin. The Fed will continue to print. The crypto world has an expression, you know the Fed goes brrrrrr, that printing press going on and on. And so, less fiscal, more Fed, good for crypto.â
Nevertheless, he noted that thereâs a âbigger storyâ with the cryptocurrency field. The industry, and more precisely Bitcoin, has âcrossed the Rubicon in its adoption.â
Companies like Square and MicroStrategy buying BTC, while PayPal enabling its users to purchase it through its platform, are significant milestones. Novogratz predicted that âwe are going to see every bank, every tech company getting involved,â as well. Consequently, he sees the current landscape as just the start of a âreally big bull market.â
Bloomberg Analysts Agree
Mike McGlone, a commodity strategist from the traditional media outlet giant Bloomberg, also predicted a rather optimistic short-term future for Bitcoinâs price. By outlining âprevious patterns,â he asserted that BTCâs 2021 performance could resemble the parabolic increases in 2013 and 2017.
Bitcoin Price Cycles. Source: Twitter
McGlone further indicated that only black swap-type events could halt BTC from accelerating even more from its current position.
âNew highs are a next potential iteration and maybe only a matter of time unless something we donât foresee trips up the trend of greater adoption and demand vs. limited supply.â
More specifically, the strategist explained that âthe previous Bitcoin resistance at about $10,000 may transition toward $20,000 in 2021.â
Featured Image Courtesy of CNBC
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