Galaxy Digital founder and crypto enthusiast Mike Novogratz has predicted that bitcoin (BTC) still has a long way higher to go following its current “spectacular rally.”





With BTC price circling the $11,000 at press time, Novogratz told Bloomberg TV on July 3 that the coin’s spike toward $14,000 and later downwards correction was to be expected as part of its historic moves. He predicts that the market will see consolidation around the $10,000- 14,000 mark for some time before current momentum enters its next leg and we go higher.





“I don't think I'm selling the next time we’re up to $14,000,” he said. “I think the next time we get up there it’s closer to $20,000 [...] I don't expect that in the next few weeks, I don't expect it till the middle or the end of the fourth quarter.”





The crypto merchant bank pioneer said the cryptocurrency’s parabolic price moves have been driven by real reasons — pointing to Facebook’s entry into the space with Libra and the fact that payments giants such as Visa and Mastercard have joined the Libra consortium. He added:





“The biggest companies in the world — we also had the investments by the Yale, Harvard and Stanford endowments. All of a sudden the question around institutionalisation has been answered.”

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