Three Catalysts Which Could Send BTC’s Price To The Clouds

One billionaire Bitcoin investor is in the latest cryptocurrencies news for sharing the three catalysts, which according to him, could be crucial for a new high for Bitcoin this year. For those of you who don’t know, BTC has surged by almost 50% since hitting $6,400 in December and is now trading with local highs of around $9,500 today.

According to Mike Novogratz who is a Wall Street name linked to being partner at Goldman Sachs and now heading the crypto fund Galaxy Digital, there is a confluence of reasons why Bitcoin will continue trading higher in the months to come.
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He conveyed all of these reasons (catalysts) in a recent interview with Bloomberg, even though he seemed hesitant to give a BTC price prediction on air. Known as a Wall Street bull, Novogratz sat with Bloomberg to discuss the three catalysts which could propel the price of Bitcoin (BTC) in 2020.

His optimism showed that Bitcoin price appreciation is on the horizon because of:

1. The debasement of fiat money – First of the three catalysts, according to Novogratz, is the fact that there is a major amount of liquidity in capital markets which is encouraged by low interest rates. The idea here is that potential inflation caused by central banks should prove the value of scarce assets.
2. BTC becoming digital gold – Next, the billionaire investors noted that Bitcoin is maturing into a form of digital gold. He described this as a digital store of value investment which could support prices moving forward and said that the asset’s performance is stable despite the Iran-US war fears and the coronavirus outbreak.
3. Increased levels of infrastructure – Last in the three catalysts that Novogratz mentioned is level of infrastructure around BTC which is constantly increasing. He even dubbed this “the plumbing” of the industry and said that it could help and boost Bitcoin in the near future.

However, it is not only these three catalysts which could support Bitcoin bulls in the future. As other analysts noted in the Bitcoin news now, the cryptocurrency is moving above the 200-day moving average of its price which is a solid indicator that a bull phase is potentially back on the markets now.

Bitcoin moved back above its 200-day moving average on 1/27… positive milestone and reinforcing 2020 shaping up to be great year for $BTC #bitcoin

– whenever BTC >200D, win-rate (6M forward) jumps to 80% and essentially "re-entering" bull market (>200D)#BTD #bestasset2020 pic.twitter.com/YbpQYHpLaj

— Thomas Lee (@fundstrat) January 29, 2020