Bitcoin’s upcoming halving this May has made many crypto observers bullish. Now, Mike Novogratz is joining this bullish choir with a prediction that Bitcoin could reach, or surpass, $20,000 in May.
Bitcoin could rush past $20,000 by May
Novogratz is a well-known Bitcoin bull, who is the CEO and founder of the crypto merchant bank Galaxy Digital. Moreover, Novogratz regularly makes lofty Bitcoin predictions. However, this latest prediction also ties in with suggestions by other analysts regarding the Bitcoin halving.
Specifically, some speculate that the upcoming Bitcoin halving will lead to a dramatic price rally. As the supply of Bitcoin is effectively cut in half by it, the stock-to-flow (S2F) method suggests a price surge is inbound. Moreover, a recent Coinbase report says that the halving will bring Bitcoin closer to becoming ”digital gold”.
Nevertheless, Novogratz recent comments came in an interview with CNBC on February 14th. In it, Novogratz said that Bitcoin was the ”best brand of the past eleven years”.
Moreover, he also said that 2020 will propel Bitcoin’s price to fresh highs. In fact, Novogratz even floats the potential for Bitcoin to break past its all-time high of $20,000 as soon as May:
”Right now, Bitcoin feels a little frenzied and we could see it surge up, but I think that by the end of the year we could certainly take out the old highs, or at least we go to the old highs. We might be there literally by the halving, which is in a couple of months.”
”A $200 billion market cap for a line of code”
Although these predictions may seem overly optimistic, Novogratz has reasons to be bullish. For starters, numerous technical indicators are currently flashing bullish. Additionally, Bitcoin has risen by roughly 45% year-to-date.
However, Novogratz did acknowledge that altcoins show even greater returns since January 1st of 2020. With that said, Novogratz also highlights that Bitcoin has found what he calls ”its own lane” in the wider cryptocurrency market. The interview also saw Novogratz muse on Bitcoin’s dramatic price increase.
”Bitcoin is probably the best new brand of the past eleven years, a $200 billion market cap for a line of code that came out eleven years ago […] because people have believed that it’s now a store of value, similar to gold, just gold’s got 3,000 years and $10 trillion, Bitcoin’s got eleven years and $200 billion.”
Rasmus Pihl is a writer for Toshi Times by day and an avid follower of the blockchain industry by night. Rasmus holds a Bachelor’s Degree in Marketing from the Gothenburg School of Business, Economics, and Law and runs a Swedish marketing consulting firm. Moreover, when he isn’t writing for Toshi Times, traveling, working or changing the world in some other capacity, Rasmus is more than likely caught up in postgraduate studies.