Bitcoin Price Spike May Push Rally To This Amount, Top Analyst Predicts
It looks like the bulls may be in control of the cryptocurrency market as a top analyst has predicted that Bitcoin could reach a new all-time high following a recent spike in the price.
The Analysts Prediction
Michael Novogratz, who is a co-founder and director of Galaxy Digital Capital Management, predicted that Bitcoin could reach a high of $20,000 in the second half of 2021.
The prediction was made on CNBC’s “Squawk Box” program, when Novogratz was asked what his prediction for Bitcoin was for the year.
Potential Factors Contributing To A Price Rally
The price of Bitcoin has been increasing steadily for the past several months, with many analysts attributing the positive momentum to the recent wave of institutional investors entering the cryptocurrency market. According to Novogratz, this wave of institutional investors could be a major factor in driving the price of Bitcoin up to his predicted high.
In addition, Novogratz also pointed to the potential of Bitcoin being a hedge against inflation, as many governments around the world are printing more money to combat the economic effects of the coronavirus pandemic.
Finally, Novogratz sees the potential of Bitcoin as an emerging asset class, noting that the asset has been slowly gaining more attention from investors, and that this attention could increase demand and push the price up further.
Time Will Tell
While Novogratz made a strong case for Bitcoin reaching his predicted high, only time will tell if his prediction will come to fruition.
Still, the recent price surge is definitely a bullish sign, and if this rally continues, then we could be seeing a new all-time high within the year.
In the meantime, let’s just enjoy the ride and see where the market takes us! *cue roller coaster sound effects*
