Bitcoin Price ‘Won’t Top $9,000 by Year’s End’ Novogratz Says

Mike Novogratz, who’s been an avid defender of Bitcoin and professed permabull, has changed his prognosis on the year-end price of the leading cryptocurrency. He now holds that Bitcoin price will not cross $9,000 this year, which is a far cry from his $40,000 prediction from late 2017.


Change of Heart

Speaking on stage at the Economist Finance Disrupted event in Manhattan, prominent investor and former hedge-fund manager Michael Novogratz said that he doesn’t think Bitcoin will cross $9,000 in 2018, remarking:

I don’t think it breaks $9,000 this year.

According to the investor, the cryptocurrency will move above $10,000 after the first two quarters of 2019.

In late 2017, Novogratz said that Bitcoin could “easily” reach $40,000 in 2018. It’s worth noting that just a few days ago, the investor also said that he thinks a 30 percent rally is about to take place by the end of this year.

Signs of hesitation could also be seen in Novogratz’ recent interview with Ran Neu-Ner at Korea Blockchain Week when he said that he no longer thinks the market capitalization will reach $800 billion by year’s end.

Bullish Nevertheless

The owner of the cryptocurrency merchant bank Galaxy Digital, however, remains positive on the future of Bitcoin.

According to him, 2019 will see an inflow of “meaningful institutional investors’ money” which is going to lead to the same “FOMO” which caused the 2017 price rallies.

Furthermore, Novogratz said earlier in September that Bitcoin has bottomed, again.

Bitcoin

In the meantime, all of the top 20 cryptocurrencies are trading in the green today, marking slight 24-hour gains. Bitcoin is currently trading at $6,581.55, which is an increase of about 1.5 percent since yesterday. However, the world’s leading cryptocurrency is still down around 13 percent for the 30-day period.

What do you think of Novogratz’s new prediction? Don’t hesitate to let us know in the comments below!


Images courtesy of YouTube/@CNBC Crypto Trader, CNBC, and Shutterstock.

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