Mike Novogratz, a former Wall Street banker, Bitcoin bull, and founder and CEO of Galaxy Digital Capital Management, has made some new and bold price predictions for Bitcoin.
Novogratz believes Bitcoin’s 10-month downtrend is nearing its end, and predicts that Bitcoin could revisit its all-time high in Q2 2019.
As reported by Financial News London, Novogratz explained that an institutional influx will take Bitcoin out of the slump to the previous all-time high and beyond sometime next year:
There’s going to be a case of institutional FOMO [fear of missing out], just like there was in retail.
However, Novogratz also explained that Bitcoin will first have to surpass key resistant levels to see a trend reversal. He then gave his new prediction for Bitcoin’s end-of-year price:
Bitcoin has to take out $6,800, and after that we could end the year at $8,800-$9,000.
Not only did Novogratz make a prediction for the end-of-year price, he also provided further details regarding where he sees Bitcoin going next year:
By the end of the first quarter, we will take out $10,000 and after that, we will go back to new highs — to $20,000 or more.
Institutional FOMO
One of the biggest reasons for Novogratz’s most recent bullish price prediction is the advent of institutional investors coming into the space.
As mentioned in previous interviews with CNBC Fast Money and CNN Money, Novogratz thinks the next bull run could be catalyzed by the launch of Bakkt and Fidelity Digital Asset Services.
Both these institutions already manage trillions of dollars in client assets and will soon be offering the buying and selling of Bitcoin to clients.
Novogratz’s Bitcoin Price Prediction History
While Novogratz is well-known and respected by many in the cryptocurrency space, he has a reputation for making bold predictions about Bitcoin’s price and later revising them when they don’t come true.
For instance, last year during the bull run of 2017, Novogratz famously predicted that the price of Bitcoin would reach $40,000 by the end of 2018.
However, when the market took a turn for the worse, with Bitcoin’s price dropping significantly in January 2018 from its all-time high of $20,000 in December 2017, Novogratz’s sentiment turned somewhat bearish with a new prediction.
He suggested that Bitcoin probably wouldn’t break $9,000 before the end of the year, which he also stated during an interview with CNBC just 1 month ago on October 3. In that same interview, he mentioned that he didn’t think Bitcoin could break $10,000 until Q2 2019.
Regardless of the technicalities of his predictions, Novogratz has made one thing clear: he sees the price of Bitcoin going back up and re-testing its all-time high relatively soon.
With his latest prediction just in, we will have to watch the markets closely and see if this one comes true, as there are only 2 months left until the end of the year.
What do you think of Novogratz’s Bitcoin price prediction? Do you think it will come true, or will bitcoin fall even further? Let us know what you think in the comments below.
