The cryptocurrency community is considering the next move, after Bitcoin experienced a huge drop after seeing $ 10,000 on June 2. BitMEX CEO Arthur Hayes and Galaxy Digital Founder and CEO Michael Novogratz discussed this. As Hayes asked for the next step of Bitcoin, Novogratz made his dinner bet with Hayes in response.
Higher. I’ll bet you dinner.
— Michael Novogratz (@novogratz) June 4, 2020
Bitcoin lost over $ 600 on Tuesday this week in just 5 minutes at a price of $ 10,000. When Bitcoin FOMO (Fear of Missing Out: Sense of Missing Opportunity) came into play, it hit a major hit on top-ranked retail traders. The leading cryptocurrency has since started a slow but progressive recovery again towards $ 10,000 and is trading at $ 9,688 at the time of writing.
Josh Rager, a Bitcoin trader and analyst, previously said in a tweet that Bitcoin is pushing back towards $ 10,000 and is on the rise. The optimism of Rager and Novogratz draws attention especially as the weekend approaches. It is known that Bitcoin has improved better on weekends and the best return on investment is on Saturdays. This has been a trend for the past few years.
The asset is currently traded over $ 9,000. Also, the asset’s latest trends point to a potential upward move.
According to the latest data from Skew, as the interest in the Bitcoin option market continues to increase, a more mature futures market is rapidly catching up.
With these possibilities, Bitcoin may reach a higher point than Novogratz’s forecast, but time will show what will happen after the weekend is over.