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Cryptocurrency mogul Mike Novogratz, who boasts a net worth of $2.7 billion, has predicted that Bitcoin (BTC) is "about to have a run."
"While it’s traded like it was part of the MAG8 this year, feels to me that it’s about to have a run," the 60-year investor said on the X social media network earlier today.
Bitcoin has surged by more than 5% over the past 24 hours, recovering together with U.S. stocks. It is currently trading at $83,802, CoinGecko data shows.
The cryptocurrency is seemingly on track to end the topsy-turvy week on a high note after plunging to a multi-month low of $74,588 on Wednesday.
Godfrey BenjaminAs reported by U.Today, veteran technical analyst John Bollinger recently noted that Bitcoin might be in the process of bottoming out.
The largest cryptocurrency is down 10% on a year-to-date basis, with macroeconomic concerns caused by tariffs pushing the prices of risk assets lower.
Even though Bitcoin remains tightly correlated with stocks, it has also shown some signs of decoupling during the recent sell-offs.
In February, Novogratz stated that narrative is what "separates winners from noise." The cryptocurrency mogul has repeatedly described Bitcoin as "digital gold."
Agreeing with Peter Schiff
In his latest social media post, Novogratz has admitted that he tends to agree with anti-Bitcoin financial commentator Peter Schiff "more and more" after the former spoke out against rebalancing global trade.
Novogratz has now urged Schiff to finally acknowledge that Bitcoin has become a full-fledged macro asset "against all odds."
Vladislav Sopov
Dan Burgin