According to Galaxy Digital CEO Mike Novogratz, the Bitcoin market is currently in good shape.
However, not everyone agrees. According to Robert Kiyosaki, there could be a huge stock market crash in October, which could take Bitcoin with it.
Bitcoin price predictions from Mike Novogratz
A few days ago, after the collapse caused by China’s tightening of the fight against cryptocurrencies, Novogratz commented by saying that the drop was also due to the upcoming start of tapering by the Fed, and to a strong resistance of bitcoin’s price in the $45,000 area.
The market is down for three reasons: China reiterating their anti-crypto, anti-freedom stance; US Fed putting taper in motion; running into big overhead resistance on chart at 45k, 3200. The secular story is as strong as ever but a price consolidation is going to continue.
— Mike Novogratz (@novogratz) September 24, 2021
While he then predicted that the price consolidation would continue, he had previously said that he thought the crypto market was in good shape, even after this drop.
In an interview with CNBC, he said that the level to watch for was $40,000, and in fact, during these days of decline, the price has never fallen below that line, but has picked up and is now back at $44,000.
Novogratz also said that he is not particularly nervous at the moment because he is continuing to see a lot of capital coming into the space.
On the Chinese situation, he added that China has never really been a major source of innovation in the crypto sector, although it is a major volume producer in trading.
The Galaxy Digital CEO believes that there is still a lot of cryptocurrency trading going on in China, and that the Chinese know how to use VPNs to continue to do so, although it is more difficult.
Novogratz’s optimism is countered by Kiyosaki’s pessimism
The author of “Rich Dad Poor Dad” claims that there will be a stock market crash next month.
Giant stock market crash coming October. Why? Treasury and Fed short of T-bills. Gold,silver, Bitcoin may crash too. Cash best for picking up bargains after crash. Not selling gold silver Bitcoin, yet have lots of cash for life after stock market crash. Stocks dangerous. Careful
— therealkiyosaki (@theRealKiyosaki) September 26, 2021
The causes would be internal to the US market, and the collapse could also involve gold, silver and bitcoin.
According to Kiyosaki, in such a scenario, it would be better to have cash to trade at lower prices, but not to sell BTC and silver to take advantage of their eventual appreciation after the stock market crash.
Already at the end of August, many people were predicting a stock market crash in September, while in reality only a correction has taken place, with for example the S&P 500 hitting its all-time highs at the beginning of the month and then losing 5% when bitcoin fell sharply a few days ago, before recovering almost 3.5%.
Something similar happened to the Nasdaq, while for the Dow Jones the only significant difference is that the peak was reached in mid-August.