Bitcoin price will hit $65K as network effect has 'taken over'

Published on by Cointele | Published on

Will hit $65,000 due to a combination of low supply and "Tons of new buyers," major investor Mike Novogratz says.

In an increasingly popular Twitter debate on Nov. 17, Novogratz, who is well known for his prominent Bitcoin plugs, told actress Maisie Williams not to hesitate in buying the cryptocurrency.

Novogratz on Bitcoin: Network effect has "Taken over".

"The network effect has taken over. I see tons of new buyers and there is very little supply. It's an easier trade here at 11K. So YES, buy it."

Williams did not disclose what made her suddenly consider Bitcoin, with the publicity coming on the back of near 50% monthly gains for BTC/USD. At press time, the pair circled $16,700.

Silbert's asset manager, Grayscale, is responsible for buying up increasingly large amounts of the Bitcoin supply, with its holdings passing 500,000 BTC this week.

As Cointelegraph reported, Bitcoin's recent rise has been noticeable for the lack of associated media attention it has received.

Despite being at levels not enjoyed by the token longer than two weeks in its history, Bitcoin has not yet sparked the same frenzy of publicity that accompanied its rise to $20,000 all-time highs in 2017.

Behind the scenes institutions that were previously unlikely supporters are coming around to the idea of a future in which Bitcoin stars as a major investment asset.

Among them was Citibank this week, which forecast a December 2021 Bitcoin price of up to $318,000.