Bitcoin News Today – Headlines for July 29

Bitcoin Trading
  • Bitcoin finds a safe spot over the $11k mark
  • Mike Novogratz said Bitcoin is on track to hit $20k by the end of this year
  • The options market is not too sure about Bitcoin hitting $20k by year-end

Bitcoin News Today – Bitcoin (BTC) is still in the bullish zone. The digital currency started the recent bull run after trading in a tight range between $8,800 and $9,300 for weeks. Since it recovered from its yearly low of about $3,700, it has a pretty tough time breaking over the $10k mark. Nevertheless, the recent bullish move has pushed the price of the digital currency over that level, helping it to test a new yearly high.

At the time of writing this article, the world’s largest digital currency is changing hands at $11,031 after an increase of about two percent over the past day. This move marks an increase of about 20 percent from its price seven days ago. A Wall Street veteran and prominent digital currency investor recently said that Bitcoin is back on track to hit $20k by the end of this year.

Bitcoin (BTC) Price Today – BTC / USD

#NamePrice24H %
1
bitcoin
Bitcoin(BTC)
$11,809.38
0.545%

Bitcoin Is Back on Track to Hit $20k by Year-End

In a recent interview, Mike Novogratz – the chief executive of Galaxy Digital – said that Bitcoin (BTC) is on track to hit $20k by the end of this year. For Bitcoin to end the year at the $20k mark, it needs to surge by 80 percent over the next five months. The CEO also added that he believes gold would continue to surge higher, pointing to the “liquidity pump” triggered by central banks and governments across the globe.

“Great bubbles usually end with policy moves. It does not look like the Fed is going to raise rates … The liquidity story isn’t going to go away. We’re going to get a big stimulus.”

He made this comment after the announcement that the US government is planning on giving out another $1 trillion in stimulus bill to millions of underemployed, unemployed, and underperforming Americans. Novogratz also said:

“A lot of that retail interest shifted to the story stocks, to the tech stocks, because they were just more fun … Yesterday you saw a lot of money shift back over to gold and bitcoin. There’s an adoption game in bitcoin that you don’t have in gold. But I like them both.”

Options Markets Believe There Is a 4% Chance BTC Would Hit $20k

The options market does not seem to be convinced that BTC would pass $20k this year. Data from Skew shows that the digital currency market believes there is a 4 percent chance that BTC would hit $20k by the end of 2020. This comes regardless of the bullish sentiments around the digital currency as well as its recent bullish price action.

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.

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