RATE Group | Bitcoin price: Cryptocurrency expert says bitcoin could bounce back | City & Business | …
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Bitcoin price: Cryptocurrency expert says bitcoin could bounce back | City & Business | …

21 Sep Bitcoin price: Cryptocurrency expert says bitcoin could bounce back | City & Business | …

Posted at 13:15h in Cryptocurrency News by

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Cryptocurrency guru and former hedge fund manager Michael Novogratz said bitcoin and other cryptocurrencies have bottomed and insisted a bounce back is due.

A bottom indicates the lowest price reached by the cryptocurrency in a specific timespan and could be in the early stages of an upward trend.

The former macro hedge fund manager and founder of cryptocurrency asset management firm Galaxy Digital Capital Management told Yahoo Finance’s second annual All Markets Summit in New York there is a “classic bottom” seen in bitcoin price, as he cited Galaxy Digital’s cryptocurrency index.

Mr Novogratz said: “Bitcoin has held $6,000. Yes, it is off its highs, but it has established itself as a store of value.

He added: “I think institutions are moving towards investing. It’s shocking how much has happened.”

Mr Novogratz was asked by Fox News when investors will be coming for bitcoin. He said: “It’s happening right now. If there are four big kind of buckets I think…

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