May we have another Bitcoin price rally by the end of 2021, or it had effectively replaced gold?

In an interview on CNBC “Squawk Box,” Galaxy Digital CEO Mike Novogratz recently predicted another Bitcoin price rally by the end of 2021. Meanwhile, also agreeing with that opinion, Social Capital CEO Chamath Palihapitiya opined that Bitcoin had effectively replaced gold.

Bitcoin will replace gold and price increase sharply by the end of 2021?

Firstly, as AZCoin News reported, Novogratz thinks the levels to watch are $40,000 – the key level for Bitcoin to hold. If it falls below $40,000, then $38,000 will be the next level to watch.

After that, Novogratz told CNBC he is still anticipating a surge in cryptocurrency prices before the end of the year.

“My guess is it’s not until halfway to a third of the way through the fourth quarter that you see the next surge. The asset classes that perform the best throughout the year tend to be the ones that finish the year strong”, he said.

“In investing, you know, the great asset class, as it gets close to the year-end, the asset class that’s done the best usually has a great finish,” he ends up with a horse racing metaphor, claiming that a horse that turns the corner near the finish line tends to win.

For now, he expects the streak of choppy trading to continue.

Meanwhile, at CNBC’s Delivering Alpha conference, Palihapitiya believes that Bitcoin has already replaced gold.

“I can pretty confidently say that bitcoin has replaced gold, and it will continue to do so,” he stated.


Source: Delivering Alpha/Twitter

Palihapitiya expects Bitcoin’s market cap to continue to grow. However, unlike Novogratz, the billionaire declined to give a specific price prediction. He also said that he was very concerned about inflation. He’s placing his bets on hyper-growth companies, cash flow businesses, and uncorrelated assets of the likes of Bitcoin.

And he said that crypto could become very big, “I’m a huge intellectual bull. It could get tremendous. We all need to pay attention to it”, he stated.


BTC/USD 4-hour chart | Source: TradingView

Bitcoin price has now recovered to nearly $44,000 after falling below $41,000 on Tuesday. Bitcoin will end another September in the red despite a strong start, with China’s most recent crypto ban exerting more bearish pressure on the leading cryptocurrency.

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