Bitcoin bull and former Goldman Sachs Partner Mike Novogratz has come up with yet another prediction for the price of the first and foremost cryptocurrency. According to the expert, it will reach $20,000 by the end of 2019.
A New Prediction
The founder and CEO of Galaxy Digital Capital Management and ex-Goldman Sachs partner, Mike Novogratz, has made quite a few predictions about the state of the cryptocurrency market throughout the past 12 months.
Back in November 2017, Live Bitcoin News reported that the expert thought Bitcoin price could “easily” reach $40,000 in 2018. Not only has this failed to happen, but the entire market plummeted, losing over $600 billion since the beginning of the year.
Novogratz has since acknowledged that this call has been a stretch, but he’s on to a new prediction for the price of the first and foremost cryptocurrency in 2019. Speaking to the Financial News, the expert said:
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.
Yay or Nay This Time?
While previous predictions by Novogratz regarding BTC price might have been driven by the overall hype the cryptocurrency market was engulfed in back in late 2017, his most recent one might have quite a lot of merit to it.
In fact, the market does seem to have matured substantially. It seems that the days of wild price swings are gone, as Bitcoin volatility is currently at its lowest point, trading in a fairly narrow range for over the past few months – a sign of maturity according to some.
Furthermore, larger institutional investors seem more and more ready to enter the market, provided proper custodial solutions are developed. And these seem to be on their way. Not only is a government-sanctioned Bitcoin ETF under discussion, but ICE’s Bakkt might be particularly close to obtaining regulatory approval for its Bitcoin Daily Futures Contract which is settled in U.S. dollars. The solution also intends to introduce a secured and guaranteed custody and CFTC-backed clearing house, hence paving the way for institutions to march into the market.
What is more, even a particularly traditional institution like Yale University has reportedly put up equity in a couple of investment funds which are targeted at the virtual currency market.
What do you think of the latest BTC price prediction by Mike Novogratz? Don’t hesitate to let us know in the comments below!
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