After ‘Taking out’ $6,800, Bitcoin Will Hit ‘New Highs’ In 2019, Says Galaxy Digital’s Novogratz

 In Altcoins, Bitcoin

A roof around $6,800 is a decisive factor in determining whether Bitcoin reaches $9,000 before the end of 2018, Galaxy Digital CEO says.

Galaxy Digital CEO Michael Novogratz delivered a fresh bullish price prediction for Bitcoin (BTC) Nov. 5. Novogratz told U.K. business publication Financial News that the leading cryptocurrency could hit highs of “$20,000 or more” in 2019.

Speaking to the publication, Novogratz, who is well known for his optimistic outlook for Bitcoin prices, forecast BTC/USD to end this year at around $8,900.

“Bitcoin has to take out $6,800, and after that we could end the year at $8,800-9,000,” he said.

The largest cryptocurrency has refrained from any marked movements up or down in recent weeks, instead revealing a streak of stability, which commentators such as Fundstrat Global Advisors analyst Tom Lee have hailed as a sign markets are maturing.

Next year, however, conditions should change markedly, says Novogratz, with institutional investors’ “FOMO” (‘fear of missing out’) causing a surge in prices.

“There’s going to be a case of institutional FOMO, just like there was in retail,” he continued.

That rush to invest should see Bitcoin “take out $10,000” by the end of Q1, from there continuing to break December 2017’s all-time highs and head to “$20,000 or more.”

Related Article:  Mint Exchange Opens Trading for FX Brokers and Institutions

Novogratz had previously made similar predictions last month, specifically targeting the first half of 2019 for institutional interest and a December 2018 Bitcoin price not higher than $9,000.

Lee also continues his buoyant outlook for Bitcoin in the short term, telling Cointelegraph in an interview that the coin was “preparing to break out.”

Source link: Click here. Disclaimer:  This is a third-party article. The information on the Verified topics are provided on a strictly "as is," "where is" and "where available" basis. Verified topics expressly disclaim any implied warranties. Note Verified topics do not give any financial advice, for more information see our Acceptance of terms.

HOMEPAGE

Start typing and press Enter to search