Bitcoin Flexes Its Muscle, Reclaims $11,000 in Abbreviated Weekend Rally

bitcoinThe bitcoin price briefly touched on the $11,000 level once again in a sudden weekend rally before losing some steam. | Source: Shutterstock

Seemingly out of nowhere, the bitcoin price rocketed past the psychologically important $11,000 level this weekend. No doubt traders are getting whiplash from the dramatic swings, as the range-bound BTC then pulled back to just over $10,900.

bitcoin priceThe bitcoin price is off its best levels of the day. | Source: TradingView

Not too long ago, Galaxy Digital CEO Michael Novogratz predicted that BTC would be range-bound for a while, suggesting the market would hover between $10,000 and $14,000, which it has. Now he is offering another bit of advice to investors who may be obsessed with checking the market price a million times per day.

A Bitcoin Core contributor who goes by Rhett Cryptography on Twitter posed the question:

If Bitcoin fell to $100 how many would you buy?

In a one-two punch, Novogratz took the bait and set the record straight, saying:

If $btc goes to $100, it is game over. IT WONT. Its already established itself as a store of value. Stop wasting your time with these tweets and go outside and enjoy the summer. $btc is consolidating before its next move higher. Let it work for you.

— Michael Novogratz (@novogratz) July 20, 2019

Hopefully, Rhett took the former hedge fund traders advice, as the bitcoin price rose about 5 percent at its best level today. If Rhett is in New York or any other part of the country thats suffering from this massive heatwave, perhaps that is why he is stuck inside and forced to pontificate by playing the what if game. Hes not the first one to put the crypto community to the test.

The last time in recent memory that the media played the what if game involved the second biggest cryptocurrency, Ethereum. Incidentally, Novogratz and Ethereum Co-Founder Joseph Lubin were college roommates, and they are cut from the same investing cloth. Last year, when pressed by TD Ameritrade Network about how low the ETH price had to go before it mattered, Lubin said at the time:

I think it matters to our company, absolutely. If [ETH] goes to $1 that would be a sign that is something is wrong with the Ethereum ecosystem.

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Tags: Bitcoin, Michael Novogratz, Ethereum, Thomas Rhett, No Doubt, Galaxy Digital, New York, Bitcoin Core, CNBC, Joseph Lubin