Mike Novogratz Backs Bitcoin and Gold Anticipating Price Surge

• Bitcoin and Gold are all set to break higher as per Mike.
• Below the $28,800 barrier, the price of Bitcoin is consolidating its gains.

Post series of bank collapses and liquidity issues in March, the price of Bitcoin and gold skyrocketed. While both are used to avoid traditional financial institutions, the market was not too startled by the price changes.

There are several issues that are currently plaguing the cryptocurrency market and the US economy is experiencing a serious crisis. It appears to be heading into a recession as a result of recent events. Founder of Galaxy Digital Mike Novogratz asserted that Bitcoin and Gold are all set to break higher.

Gold and Bitcoin (BTC), according to VanEck CEO Jan van Eck, are both poised for massive multi-year bull cycles. In a recent interview with CNBC, van Eck predicted that the value of gold and Bitcoin, which many investors use as a hedge against currency depreciation, will rise as a result of current economic circumstances.

Bulls in Control

Below the $28,800 barrier, the price of Bitcoin is consolidating its gains. In order to begin a new rally and break through the $30,000 resistance zone, Bitcoin must first break through $29,000.

Bitcoin’s upward momentum has been confirmed over the $28,000 resistance level. Both the price and the 100 hourly simple moving average have moved over $28,200. In the hourly chart for BTC/USD, a strong bullish trend line is forming with support at $28,400. If the pair is able to break over the $29,000 resistance level, we may see more gains.

On Tuesday, gold pushed higher, breaking the important $2,000 barrier as the dollar and rates declined and worse U.S. economic data encouraged expectations for slower rate rises, amid rising worries about oil-led inflation.