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Mike Novogratz Sells Part of His Bitcoin Before Decline, Plans to Buy Again at $10,000

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Fri, 06/28/2019 - 08:13
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  • Bitcoin billionaire Mike Novogratz takes advantage of the recent Bitcoin price swings, fixing his profit and planning to buy more before BTC goes up again

Cover image via 123rf.com
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On Friday, June 28, Bitcoin and the crypto market are still declining. However, the Bitcoin price is a little up from the $10,700 level it dropped to the day before.

Previously, U.Today reported that Peter Brandt recommended ‘taking some money off the table.’ In addition, the chief TA of Fundstrat predicted the upcoming decline – on the charts, Bitcoin price had formed a ‘double top’ pattern.

Novogratz fixes his BTC profits

Bitcoin billionaire and investor Mike Novogratz seems to have also seen those and perhaps other signs of the approaching correction too and sold some of his Bitcoin on Wednesday, writes Bloomberg in its recent piece.

On Wednesday, Bitcoin’s price surged 22 percent and edged the $14,000 mark.

The founder of Galaxy Digital told Bloomberg that he sold a little bit of his BTC on that day and regrets that he did not sell more. As per the article, the investor plans to buy again once Bitcoin rate drops to $10,000.

CNBC also cites Novogratz:

If you were perfect, you’d have sold a whole bunch yesterday. When you go parabolic you have to.”

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Last month’s prediction for BTC

In May, Novogratz made a forecast for the Bitcoin price to make a consolidation between the levels of $7,000 and $10,000. However, the investor also admitted that the momentum gained from the overall excitement and FOMO would push the price much higher.

This week, his prediction came true as Bitcoin hit $13,852.

At press time, the major crypto asset is sitting at $11,404, showing a decline of 7.42 percent.

CoinMarketCap.com
CoinMarketCap.com

About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today, can be contacted at yuri.molchan@u.today.

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