Crypto bull Mike Novogratz says that this is the time for Bitcoin

Bitcoin price recently dropped by over 50%, after the fear of coronavirus started spreading around the world. The coin, which started seeing significant gains in the first two months of 2020, suddenly dropped from approximately $7,100 to $3,900, before seeing a recovery to $5,500, where it remained for several days.

Earlier this week, Bitcoin once again started to grow, presumably once again over fear, but this time, the fear was based on the expected future of the US dollar.

The Fed announced that it is sitting on ‘infinite cash,’ indicating that it is willing to provide as much money as possible to provide short-term relief. This caused investors to start investing in different assets, including cryptocurrency and gold.

Billionaire Mike Novogratz expects BTC to rally

Meanwhile, in a recent televised interview with CNBC, a billionaire investor and a known Bitcoin bull, Mike Novogratz, stated that this is exactly the time for Bitcoin to rally. Novogratz addressed the situation regarding the economy and US’ and other governments’ decisions to take whatever steps necessary to boost the economy.

With central banks once again ‘running amok,’ Novogratz believes that this is the time for Bitcoin to take its role as a safe haven and rally enough to attract investors, old or new.

Novogratz seems certain enough in his prediction stating that: “It needs to rally this year. If at the end of the year Bitcoin’s not a lot higher, I’m going to scratch my head and say, ‘Look, what the heck is going on?”

Bitcoin remains highly volatile

At the same time, other crypto experts provided conflicting predictions, stating that it would not be surprising if the coin went sub-$1,000 should the situation continue. Granted, such predictions were given prior to the Fed’s statement of ‘sitting at an unlimited amount,’ which are believed to have caused a recent surge.

At the time of writing, Bitcoin price sits at $6,607, after seeing a 1.26% drop in the last 24 hours. The correction is currently rather mild, and it does not come as a surprise, considering that the coin grew by around $1,000 between March 23rd and March 25th.