‘Best Brand’ Bitcoin Can Hit $20K by May Halving, Says Mike Novogratz

Bitcoin (BTC) has the potential to succeed in and even surpass its all-time highs of $20,000 by Could’s block reward halving. 

That was the opinion of Mike Novogratz, the serial enterprise capitalist who has stayed persistently bullish on BTC. 

Novogratz: Bitcoin “greatest model of the previous 11 years”

Chatting with CNBC in an interview on Feb. 14, Novogratz known as Bitcoin the “greatest model of the previous eleven years” and mentioned 2020 would be the 12 months it challenges $20,000 as soon as extra. 

“Proper now, Bitcoin feels slightly frenzied and we might see it surge up, however I feel that by the tip of the 12 months we might actually take out the previous highs, or at the least we go to the previous highs,” he advised the community. 

“We may be there actually by the halving, which is in a few months.”

The Galaxy Digital crypto service provider financial institution CEO was talking as Bitcoin capped 45% positive factors year-to-date. Whereas acknowledging altcoins had overwhelmed BTC by way of returns since Jan. 1, Novogratz mentioned that Bitcoin had “discovered its personal lane” as a singular retailer of worth. 

“Bitcoin might be the perfect new model of the previous eleven years — a $200 billion market cap for a line of code that got here out eleven years in the past,” he continued.

“…As a result of individuals have believed that it’s now a retailer of worth — just like gold, simply gold’s bought 3,000 years and $10 trillion, Bitcoin’s bought eleven years and $200 billion.”

BTC bulls see inexperienced

In December, earlier than its rally, Novogratz predicted that Bitcoin would hit a extra modest $12,000 this 12 months. 

His newest prediction stays modest as compared with different well-known business figures. Earlier this month, Fundstrat co-founder Tom Lee mentioned BTC/USD ought to attain $27,000 by August. The rationale, he argued, was that Bitcoin crossing its 200-day shifting common has traditionally triggered common positive factors of practically 200%.

Different sources likewise contend that the halving occasion, which reduces the provision of recent Bitcoins to miners by 50%, will in the end act as a value catalyst.