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Michael Novogratz said that he expects bitcoin to consolidate in the $7,000-$10,000 range.
Michael Novogratz, founder and CEO of cryptocurrency merchant bank Galaxy Digital, has said that he expects bitcoin (BTC) to consolidate in the $7,000-$10,000 range, Bloomberg reports on May 30.Per the report, during a conference call discussing his company’s quarterly earnings, he noted that “on a go-forward basis, bitcoin probably consolidates somewhere between $7,000 and $10,000.” Novogratz also added:“If I’m wrong on that, I think I’m wrong to the upside, that there’s enough excitement and momentum that it could carry through.”Bloomberg reports that Novogratz credits this year’s rally to mainstream acceptance of cryptocurrencies, as well as attention towards blockchain technology by Wall Street and technology firms.…
