Halving Sell-Off Temporary, BTC to Hit $20,000 by Year End, Says Billionaire Investor No…

Bitcoin (BTC) may not have pumped at the scale expected by many halving optimists, but Wall Street billionaire Michael Novogratz insists that the price will hit $20,000 by year-end.

The Galaxy Digital founder and chief executive officer on Monday told CNBC that bitcoin’s surge was inevitable in light of the record money printing by world central banks.

“The (Bitcoin) halving was quantitative tightening,” Novogratz explained, noting the new coronavirus inspired stimulus packages, which have pumped trillions of dollars into world economies overnight.

“It’s like an exclamation point on the macro story of why scarce assets like bitcoin should go higher. We will take out $10,000 and we will go to $20,000 by the end of the year. I feel real confident about it,” he asserted.

BTC fell as much as 1.4% to $8,620 in the wake of its third halving last night. Pre-halving expectations favored a significant price increase.

The cryptocurrency rose past $10,000 in the run-up to the event,…