Despite a Heavy Drop, Mike Novogratz is Still Bullish on Bitcoin

Galaxy Digital’s Mike Novogratz stated that he’s still bullish on Bitcoin even after its sharp drop that the world’s largest digital currency has faced during the past few days.

When CNBC invited him for “Squawk box”, he expressed how he was still able to earn more, probably around the rate of $56,500.

Novogratz also explained further about the incoming stimulus checks. He noted the statistics and said that there are chances of satoshis being highly stacked by a number of investors in the upcoming arena.

A statistical value, recently given by Mizuho securities, hopped on the foregrounds. The values showed a massive amount of up to $40 billion to be used for Bitcoin and similar assets. This huge amount would be drawn from relief money funds.

In the recent gargantuan liquidation of Bitcoin markets, a massive number of short positions were liquidated after the 14th of March. Earlier on the 14th of March, the leading digital currency of the world had achieved its highest spike of $61,781, but it could not sustain for a longer period of time as BTC faced a plunge of 13 per cent in the next three days.

However, though the flagship cryptocurrency has been declining downward over the course of the past few days after facing a price crash, Mike Novogratz is still describing a bullish case scenario for the coin as he himself is bullish on the digital currency and believes that the coin is poised to show a major movement in the coming few days. 

So far now, the top-ranked digital currency has recovered well, as it has once again come closer to top the resistance level of $60k. At the time of writing, the price value of the first-ranked cryptocurrency is holding at around the figure of $58196 with a price increase of more than 5 percent during the past 24 hours. While on the other hand, the major cryptocurrency is also trading green on a weekly basis as well as the price is up by over 4 percent. This means that the coin is slightly gaining momentum for a big move in the coming days. 

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