Bitcoin Bounces off $6,575 As Bargain Hunters Start Buying

After the Bitcoin price reached $6,575 at 05:00 UTC on Monday (November 25) — a level last seen back on May 10 — it seems that bargain hunters moved in to grab some cheap BTC, helping Bitcoin to bounce of this new “floor” and surge over 11% in less than 12 hours.

By 16:00 UTC on November 25, Bitcoin was trading around $7,327. Since then, it has retraced to $7,169, as we can see in the 24-hour price chart from CryptoCompare, which is shown below:

This kind of volatility prompted prominent economist and crypto trader Alex Krüger to send out the following tweet:

Bitcoin is so volatile

it turns traders into hodlers

and hodlers into traders.

— Alex Krüger (@krugermacro) November 26, 2019

So, where is the Bitcoin price going next?

Well, of course, nobody knows for sure, but this is what Michael Novogratz, the Founder, CEO and Chairman of crypto-focused merchant bank Galaxy Digital, thinks:

$BTC chart needs to recover 7500 in next two days or we will be in a 6k-7400 range which would be less than pleasant. $BTC still up 95% on the year to keep perspective, but man, I liked it better above 10k😂.

— Michael Novogratz (@novogratz) November 25, 2019

Charles Hoskinson, creator of Cardano and CEO of IOHK, a man who is not known for giving out Bitcoin price predictions, said on November 22 that “crypto is unstoppable” and that he believes Bitcoin will reach $100K in the future:

Bitcoin’s price is going down? Remember everyone, after the FUD, news trading and manipulation clears out, we still have a global movement that’s going to change the world. We will see 10k btc again and welcome 100k. Crypto is unstoppable. Crypto is the future pic.twitter.com/9vlgH4S7u2

— Charles Hoskinson (@IOHK_Charles) November 22, 2019

Featured Image Credit: Photo via Pexels.com