It seems everyone has been a little unnerved by the recent sell off

Even the uber bull Mike Novogratz decided to chime in on the price action.

According to a recent tweet by Novogratz, he thinks that if bitcoin doesn't recover within the next two days (Wednesday), we are likely to see lower lows.

Here's his tweet:

(Source: https://twitter.com/novogratz/status/1199100675298381827)

Specifically he wants to see bitcoin back over $7,500 by Wednesday or he thinks bitcoin will be range bound between $6k and $7.4k for the foreseeable future.

Novogratz has been better than most with is sentiment/chart calls...

Novogratz has made several price predictions over the years regarding bitcoin.

Some have been wrong, but many have turned out to be right.

He does seem to have a pretty good pulse on the bitcoin and crypto market.

Back in May he guided for a price range of $7,000 to $10,000 (with a possibility of higher on a speculative pump) for the immediate future as he foresaw prices needing to consolidate a bit as it came off the lows and broke through $10k.

His call ended up being pretty accurate, though a bit low.

Prices ultimately got near $14k before pulling back and consolidating between $9k and $12k for much of the summer.

Sentiment is approaching negative levels not seen in months

The Fear and Greed index, which is a measure of sentiment in the market, is showing levels not seen since exactly 2 months ago.

Check it out:

(Source: https://alternative.me/crypto/fear-and-greed-index/#fng-history)

According to Novogratz, we need to see prices get back above $7,500 or the sentiment and prices will likely head lower.

Interestingly enough, looking at the charts, I think he is only partly right.

My personal opinion is that the bounce we saw this morning off of $6,500 is the kind of bounce you often see at bottoms.

I am going out on a limb and saying that the $6,500 number was it, that was the bottom.

We shall see.

Stay informed my friends.

-Doc