Bitcoin Price Analysis

Mike Novogratz: Bitcoin Needs To Recover $7,500 In The Next Two Days Or Else

Billionaire Bitcoin bull & Galaxy Digital CEO Michael Novogratz is not that pleased with where the Bitcoin price has been heading for the last several weeks.

He shared his frustration on Twitter and sent what looks like a warning to the Bitcoin bulls all over the planet:

Bitcoin continues to be in the range Novogratz mentioned in his tweet currently trading at around $7,100 to $7,200. After a red weekend with regional lows to $6,500, Bitcoin recovered yesterday to over $7,000 but failed to reach the $7,500-mark.

The $6,000 – $7,400 range would mean more downside pressure for the number one cryptocurrency which could lead to a slide down to levels last seen late in 2018 and early in 2019.

Looking at the daily chart, Bitcoin is trading well below the trendline since the yearly all-time highs last summer. For a more bullish outlook, BTC would need to retest the resistance line, that’s why Novogratz is concerned.

BTC/USD Price Chart Daily November 26, 2019 on Kraken

As stock market & cryptocurrency ‘gambler’ Andrew Rennhack mentioned yesterday, for the last several months there have been only lower highs and lower lows – an important red flag for every professional cryptocurrency trader.

Will the Bitcoin price recover and put all bulls at ease?

What do you think? Where will Bitcoin’s price go from here? Upside or downside? Let us know in the comment section below.

Images courtesy of CNBC & Coinigy.

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