Mike Novogratz: Bitcoin needs to hit the $ 6,800 mark and head to new highs next year
Galaxy Digital CEO Mike Novogratz shared another encouraging forecast for the bitcoin rate. Speaking to the British publication Financial News, he said that the largest cryptocurrency could rise “to $ 20,000 or higher” in 2019.
According to Novogratz, who is known for his optimistic views on the future of the crypto market, this year bitcoin can end around the $ 8,900 mark. “Bitcoin needs to take $ 6,800, and then we can end the year at $ 8,800 – 9,000,” he said.
Bitcoin continues to show steadfastness and hold below $ 6,500, despite the fact that the following cryptocurrencies show significantly more active movements and even staged a fight for the second place on the list of CoinMarketCap portal. By the time of publication, Ethereum again took the second place, moving XRP to the already familiar third. Earlier, analyst Tom Lee said that he was “pleasantly surprised” by the stability of the crypto market during the decline in the stock market..
Novogratz, in turn, believes that the arrival of institutional investors and the loss of profits syndrome next year will be the key to the next surge in the price of bitcoin. “The scenario of institutional FOMO will be implemented, as it was with retail investors,” he said..
According to Novogratz, this phenomenon could help bitcoin rise to $ 10,000 by the end of the first quarter of next year, after which the cryptocurrency will be ready to return to its previous high of “around $ 20,000 or higher.”.
Novogratz gave a similar forecast last month, when he said that the largest cryptocurrency is unlikely to be able to rise above $ 9,000 this year..
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