Bitcoin takes out $10k, was that you Novogratz?

in hive-148441 •  last month 

Bitcoin took out $10k, right after Mike Novogratz tweeted that it would...

After spending most of the day trading around $9,500 bitcoin suddenly took off and moved all the way up to $10,400 in a matter of an hour or so.

This was the highest bitcoin has traded since February of this year.

It marks the 4th time bitcoin has tested the $10k level in the last several weeks, but this time is different in that it broke well over $10k and is holding above that $10k level for some time thus far.

Check it out:

image.png

(Source: https://www.forbes.com/sites/nickchong/2020/06/01/bitcoin-rockets-past-10000-and-wall-street-investors-already-expect-more-upside/#6b0a4dd20e57)

The size and velocity of this move caught many off guard...

The size and speed of this move sort of came out of nowhere as bitcoin had been trading within a narrowing range for much of the past 2 weeks.

In fact, many had been expecting bitcoin to pullback in the very near future (myself included) as there were many technical indicators indicating that bitcoin was due for a dip.

Which was likely part of the reason this move happened in the first place, people were not positioned for it.

On Bitmex alone, there was roughly $123 million worth of short positions liquidated on this move up:

(Source: https://analytics.skew.com/dashboard/bitcoin-futures)

Could Novogratz had something to do with this?

The most interesting thing in all of this to me was a rather well timed tweet by one Michael Novogratz...

Novogratz put this out roughly one hour before bitcoin exploded higher:

(Source: https://twitter.com/novogratz/status/1267574160194187265)

Hmm... interesting timing there Mike.

If you don't recall, Novogratz is a former Goldman Sachs VP who is currently a billionaire himself and manages a multi-billion dollar crypto fund.

I would not be shocked at all if his fund or him personally had something to do with that spike in bitcoin's price.

After all, in finance there are very few coincidences.

Stay informed my friends.

-Doc

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20K next!! To the Mewn!

Alas, our good friend Bart showed up...

Are you suggesting his comment encouraged the spike, Warren Buffet style, or was this telling of his inside knowledge?

I am suggesting that his actual actions may have caused the spike. He has the fire power to move the bitcoin markets if he wants to...

Yeah, it is interesting he "knew" about it beforehand. So either he knew something was going to happen, or he was the cause of the thing that happened.

If it looks like a duck, swims like a duck, and quacks like a duck, then it probably is a duck.

What about a swan with a cold and a bad hair day?

I've only heard about ugly duckling growing up to be a beautiful swan...

which one is Novogratz?

Never heard... I only watch Sesame Street and Fraggle Rock... They don't broadcast or stream Flintstones anymore here...