On Wednesday, the founder and CEO of Galaxy Digital – Mike Novogratz – had an interview with Paula Newton of CNN International on CNNMoney’s “Markets Now” to talk about the Future of Money. During the interview, Mike Novogratz – a Bitcoin (BTC) bull – believes that Bitcoin (BTC) is set to skyrocket again. He added that the digital currency is now seeing an influx of institutions.
Novogratz said that the relative strength of the digital currency – which can be seen in the unexpected increase in its dominance – can be attributed to the use of the digital currency as a store of value, and this is one of the major reasons why the digital currency has been standing strong over the years.
Bitcoin (BTC) Price Today – BTC / USD
He also said that top firms and digital currency trading platforms are beginning to take Bitcoin (BTC) more seriously, further increasing the adoption and use cases of the digital currency. As reported by CNNMoney, Novogratz said “Microsoft and Starbucks will soon let you use Bitcoin (BTC),” and as the digital currency sees more adoption, people will begin to get comfortable with it, and its value will skyrocket again in no time.
Bitcoin (BTC) Technical Analysis
The 100 simple moving average is currently beneath the 200 simple moving average to signal that the path of least resistance is heading south. This means that the upward trend is more likely to reverse than to resume. This means that the value of the digital currency is likely to decline towards the $6k mark or below. Nevertheless, the 100 simple moving average dynamic inflection point seems to be providing support right now as it coincides with the bottom of the near-term rising channel.
The value of Bitcoin (BTC) has been facing a strong resistance on the upside, as the digital currency hasn’t been able to break over the $6,900 mark over the past weeks. The digital currency, however, needs a very strong bullish momentum to retest the $7k mark, perhaps the digital currency might get the momentum it needs on Sept. 30th when the SEC will make its final ruling on an ETF for Bitcoin (BTC).