Mike Novogratz, CEO of digital assets merchant bank Galaxy Digital, has made another bold prediction for bitcoin. Speaking to Financial News, the outspoken crypto bull has said that FOMO (fear of missing out) will fuel the next BTC bull run in 2019, just like it did at the end of last year.
Bitcoin could hit $20,000 next year
The crypto entrepreneur is positive that BTC will return to its 2017 highs next year. However, a significant price hurdle still must be overcome until the end of this year. According to Novogratz, “Bitcoin has to take out $6,800, and after that we could end the year at $8,800 to 9,000.“
Such an increase would represent a huge boost for the flagship cryptocurrency, which has hovered around the $6,500 mark for the last 3 months. Nonetheless, markets offer little encouragement that the stagnant period could be over. Crypto aficionados now anxiously await the SEC decision on 9 bitcoin ETF applications. Should it be approved, bitcoin ETF is widely regarded as the best shot at re-igniting the virtual currency markets.
Novogratz has added that, “By the end of the first quarter [of 2019], we will take out $10,000. And after that, we will go back to new highs — to $20,000 or more.“ Bitcoin has almost touched the $20,000 mark last December but has faced a rough ride in 2018 so far, shedding 70 percent of its value. Nonetheless, some crypto observers have welcomed the stagnant period, saying it is a sign that digital asset markets are finally maturing.
Earlier bitcoin price predictions by Novogratz
The former Wall Street executive is well-known for his bullish bitcoin forecasts. Like many other crypto punters, he is hopeful that institutional investors such as Bakkt, Fidelity or Goldman Sachs will inspire the next price surge. Earlier this year, he stated that crypto market cap will grow to $20 trillion, also claiming that it will increase to $800 million by the end of 2018 in a later interview.
Novogratz famously predicted that BTC will rise to $40,000, although he made this statement amid the last year’s crypto boom. He has later altered his forecast, saying that bitcoin will not rise above $9000 this year. 2018 has been a tough year for Novogratz’s Galaxy Digital, as the company recorded losses of $134 million in the first quarter alone.
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