During his Wednesday appearance on CNBC, Galaxy Digital CEO Mike Novogratz recently predicted another Bitcoin rally by the end of 2021.      

He came up with a horse racing metaphor, claiming that a horse that turns the corner near the finish line tends to win:

In investing, you know, the great asset class, as it gets close to the year-end, the asset class that’s done the best usually has a great finish.   

$40,000 is important

Novogratz believes that the market is currently in “consolidation mode,” adding that it’s important for Bitcoin to hold the $40,000 level.

However, he doesn’t rule out that the benchmark crypto could revisit $38,000 before seeing more upside.

For now, he expects the streak of choppy trading to continue.

Another red September

Despite a strong start, Bitcoin is set to finish yet another September in the red, with China’s most recent crypto ban exerting more bearish pressure on the top cryptocurrency.

In his recent tweet, Novogratz also mentioned the U.S. Federal Reserve’s taper talk and the $45,000 resistance as the key reasons for the cryptocurrency’s current weakness.