Novogratz: Trust in Bitcoin (BTC) Evaporated

According to Mike Novogratz, CEO of Galaxy Digital, this process was a vote of confidence and Bitcoin (BTC) may have lost it.

Bitcoin (BTC) price broke a record by falling below the lowest level of the year, 5 thousand 301. As analysts try to explain around this huge movement, Galaxy Digital CEO Mike Novogratz believes that everything is a matter of trust.

Bitcoin Goes Under Pressure

According to Novogratz, global confidence flew. While the US stock market has been battling the biggest collapse since 1987, the world is reminiscent of a horrible apocalyptic movie. Unfortunately for Bitcoin fans, the best cryptocurrency could not serve as a set against this volatility, and was hit harder than stocks.

However, Novogratz has tried to warn investors that the coronavirus outbreak can be extremely dangerous for Bitcoin. Novogratz announced on 1 March that investors tend to liquidate all their assets during such black swan incidents.

After the historical price collapse of 40 percent, Bitcoin is currently in the undiscovered regions. The bears even managed to pull the best cryptocurrency below the 200-week moving average with titanium support, which seems to be unable to reach until recently.

Novogratz previously predicted that BTC will rise above $ 12,000 by the end of this year. However, it is now clear that he should review the bullish forecast. The legendary trader Peter Brandt, who took back this accident in September, said that BTC could fall below a thousand dollars soon.