The entire crypto space has imploded post the bonanza we saw last year. One of the more prominent investors in the space, Michael Novogratz, has recently pushed his view that Bitcoin has reached a bottom and that the entire space is about to bounce back.

Speaking at the Yahoo Finance’s second annual All Markets Summit in New York, Novogratz mentioned there is “selling fatigue” and that a “classic bottom” has formed. He also points out that institutions are moving towards investing in the crypto space.

The price of Bitcoin still trades within the negative trend, both the longer as well as the shorter term trend. Having said that it is noteworthy how the 6000 level has held as support several times since June.

Today we are seeing Bitcoin take a leg higher showing first signs of life in a long time. Watch the negative trend (red line) carefully. If Bitcoin has the steam to close above the 7000 level and the negative trend, Novogratz’s predictions might prove very well timed.

Source: Bloomberg