What is it with billionaires and Bitcoin predictions? 2018 has been filled with predictions, revisions, and retractions. Here’s another one from Mike Novogratz.
Lower Highs Are the new Moonshots
In a recent chat with Financial News, Bitcoin bull and Galaxy Digital CEO Mike Novogratz said he believes Bitcoin (BTC) [coin_price] will shake off its current malaise. Novogratz also predicts a return to $20,000 next year as institutional investors and crypto custodial service providers re-invigorate interest in cryptocurrency. According to Novogratz, “Bitcoin has to take out $6,800, and after that, we could end the year at $8,800 — $9,000.”
He then goes on to explain that “By the end of the first quarter we will take out $10,000 and after that, we will be back to new highs — to $20,000 or more.” Like handfuls of other professional and bedroom crypto-analysts, Novogratz believes that Bakkt, Fidelity Digital Asset Services, and other institutional investors will propel the market to new highs and while he made no mention of the possibility of the market reversal hinging on the SEC’s approval of a Bitcoin-ETF, Novogratz does suggest that “institutional FOMO” will drive the market to new highs “just like there was in retail”.
Who Holds the Crystal Ball?
More than a handful of well-known analysts, CEOs, and crypto-influencers have issued moonshot Bitcoin predictions that have all proven to be wrong and as the end of the year approaches many are issuing reenactments or formulating new BTC price predictions.
Last week Ran Neuner revised his Bitcoin prediction to ‘Nope, too complicated’ and Arthur Hayes miraculously transformed his $50K in 2018 Bitcoin prediction to a more dystopian view of 18-more months of a bear market until BTC drops to $2k then slowly recovers. Fundstrat analyst Tom Lee also has altered his BTC pivot points but he is one of the few analysts standing by his $20 – $25k prediction. Now we can add Novogratz to the growing pile of retractors with broken crystal balls.
Meanwhile, as the predictions and retractions continue, the SEC is expected to issue a statement regarding the status or their decision on 9 Bitcoin-ETF applications.
Do you think Bitcoin will close 2018 at or even above $10k? Share your thoughts in the comments below!
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