• Mike Novogratz says many companies in America will eventually add Bitcoin to their balance sheet.
• He also thinks that the price of the cryptocurrency will double in value as more firms will hold BTC.

The founder and CEO of Galaxy Digital, Mike Novogratz, is among the many crypto industry players that believe Tesla’s move to Bitcoin (BTC), the largest cryptocurrency, would be an eye-opener for other companies to buy BTC. The electric car company allocated $1.5 billion of its cash reserve to the cryptocurrency. Novogratz is optimistic that many other companies in the United States will follow suit.

Mike Novogratz foresees Bitcoin doubling in price

At the time of writing, Bitcoin was trading at $46,495 on Coinmarketcap, with a market valuation of over $865 billion. The cryptocurrency is more likely to double in value as the herds gradually arrive, the Galaxy Digital CEO told Bloomberg Television. “You’re seeing the herd here, and it’s coming,” Mike Novogratz said, adding that every company in the United States will eventually hold Bitcoin. “It doesn’t have to be a lot. It’s the messaging that matters.”

Mike Novogratz applauded Elon Musk’s decision to listen to the people, saying he is a genius. “Now you got the biggest, the wealthiest man in the world and one of the biggest stories doing it. […] You’ve got to think other CFOs and CEOs are saying, what should we be doing?”

What company is next?

Mike Novogratz and other prominent industry players are pretty much confident that more companies will follow Tesla, with Apple being at the top list. RBC Capital Markets thinks that the tech giant will be the next big company to add Bitcoin to its Balance sheet. They also think that Apple will debut their own digital currency exchange and wallet. 

Read more: Cryptopolitan

• Bitcoin spikes to $47,450 for the first time after closing the day above $40,000.
• The technical breakout eyes $53,620, suggesting that the top is nowhere near.
• BTC’s list resistance path is still on the upside as projected by the MACD.

Bitcoin resumed the uptrend on Monday after confirming support at $38,000. Closing the day above $40,000 also encouraged more buyers to join the market. The flagship cryptocurrency broke past the previous all-time high at $42,000, pushing the bullish leg above $45,000.

The rally was unstoppable towards $50,000 but Bitcoin stalled slightly above $47,000. At the time of writing, the bellwether cryptocurrency is trading at $45,780 after making a minor retreat from the new record highs at $47,450.

Short-term analysis on the 4-hour chart suggests that Bitcoin’s list resistance path is still upwards. For instance, the upward trend has been reinforced by the Moving Average Convergence Divergence (MACD). The technical indicator is moving higher above the midline at the same time the MACD line (blue) shows that Bitcoin is still in a buy zone.

At the same time, an inverse head-and-shoulders pattern has formed on the same 4-hour chart. This pattern is bullish and currently suggests that Bitcoin has some distance to cover before hitting the target at $53,620.

Therefore, trading above $45,000 will be a bullish signal for investors to hold onto their bags while anticipating a breakout above $50,000. Moreover, it has been found that only 11% of the entire Bitcoin supply is available for trading. In other words, demand is currently high amid constricted supply. Thus, the pioneer cryptocurrency could continue to rally in the near term.

Note that, a correction will come into the picture if Bitcoin closes the day under $45,000. The trend reversal could go as far as $38,000 in search of formidable support. However, subtle buyer congestions at $43,000 and $40,000 will absorb the selling pressure, preventing a sharp price drop.

Bitcoin intraday levels

Spot rate: $46,175

Relative change: -290

Percentage change: -0.6%

Trend: Bearish

Volatility: High

Read more: CoinGape