Mike Novogratz Says Bitcoin Is Stuck At $ 45,000 For Weeks After Elon Musk’s Tweets – But Ether Has A Moment Currency News | Financial and business news

Mike Novogratz is a leading figure in the Bitcoin investment community.

Lucas Jackson / Reuters

• Mike Novogratz said Bitcoin will be stuck between $ 40,000 and $ 50,000 for up to six weeks.
• Bitcoin has fallen around 30% from record highs after Elon Musk criticized the token’s energy consumption.
• Novogratz told Bloomberg that the ether of Ethereum “has a moment” and has many use cases.
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Billionaire crypto investor Mike Novogratz has predicted that Bitcoin will be stuck between $ 40,000 and $ 50,000 for four to six weeks after Elon Musk stopped Tesla payments and criticized its energy use.

In interviews with Bloomberg, Novogratz also said that Ether – the cryptocurrency of the Ethereum network – has “a moment” because decentralized financial applications, stable coins and non-fungible tokens or NFTs are being built on the system.

Citing a bitcoin price range of $ 40,000 to $ 50,000, Novogratz said, “I think we’ll be consolidating for a while, four to six weeks.” He added that Bitcoin could be stuck between $ 40,000 and $ 55,000 for the “next chapter” before the year ends much higher.

The former hedge fund manager said his crypto-investment firm Galaxy Digital is buying bitcoin because it believes it shouldn’t go below $ 42,000, the level it tested Monday.

Bitcoin rose around 1% to $ 45,097 on Tuesday. But it’s still 30% lower than the record high of nearly $ 65,000 in April after a hint from Musk that Tesla might sell its Bitcoin holdings caused another sharp decline on Monday. Musk later clarified that Tesla hadn’t sold Bitcoin, which it bought for $ 1.5 billion in January.

Although Musk’s actions have angered many personalities in the Bitcoin community, Novogratz said the Tesla boss’s concerns should be taken at face value.

“We use electricity for things that we believe are of tremendous value. I think you will see an answer from this industry, just as you should see an answer from any industry to say … we should do it.” something to even out our footprints, “he said.

Novogratz said the traditional financial world is increasingly excited about ether, the symbol on the Ethereum network.

“ETH certainly has a moment, and for good reason,” he told Bloomberg TV.

“Right now it has the Triple Whammy. It has payment coins, ie stable coins that are built on top of it. It has DeFi [decentralized finance] is built on it, and it has NFTs [non-fungible tokens] to be built on. So the three main thrusts of the crypto revolution are built on top of Ethereum. “

Novogratz wouldn’t say, however, if he believed the ether could soar higher after rising around 370% year-to-date on Tuesday to $ 3,500. He said it would be “healthy” if the ether were consolidated where it was.