Renowned Bitcoin Bull Issues Stark Ethereum Warning
Story by: Billy Bambrough
Bitcoin has been swinging wildly over the last week as the market struggles to hold onto massive gains made so far this year, raising fears the latest bitcoin bubble might have already popped.
The bitcoin price has swung from highs of $13,880 per bitcoin to lows of $9,610 over the last week, at one point losing 30% of its value. Meanwhile, ethereum has also lost ground over the last week though has not matched bitcoin’s significant strides higher in recent months.
Now, Mike Novogratz, the hedge fund manager-turned-chief executive of bitcoin and crypto investment group Galaxy Digital, has warned it could be some time before bitcoin regains its lost ground and problems for “web 3.0 wannabe” ethereum could drag on.
The bitcoin price has risen sharply over recent months due to interest in cryptocurrencies from some of the world’s biggest tech companies.
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“[Bitcoin] had a spectacular rally,” Novogratz told Bloomberg, a financial newswire. “The last $3,000 of that was a parabolic move where everyone got excited and for good reasons.”
“I wish I’d sold more. There was too much energy in the market. I don’t think I’m selling again in the next run-up to $14,000 [per bitcoin]. [My selling point] is probably closer to $20,000 [but] I don’t expect that in the next few weeks. It will more likely be towards the middle to the end of the third quarter.”
Original story: https://tinyurl.com/y4tsj9ez
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