Mike Novogratz Moderated Bitcoin Forecast: “It Won’t Pass $ 9,000 This Year”
Renowned bitcoin optimist and former hedge fund manager Mike Novogratz time commented positively on the outlook for the cryptocurrency market despite a decline this year. Previously he stated that the cryptocurrency segment will reach a capitalization of $ 20 trillion, and bitcoin “with ease” will rise to mark $ 40,000 by the end of 2018.
However, the end of the year getting closer, and Novogratz was forced to revise his forecast of-for the obvious conformity between his stated goal and the current state of market. Speaking at the Finance Disrupted conference, he suggested that in the remaining 3 months bitcoin hardly whether will reach and a quarter of its value.
In September he already stated about Tom, what’s the biggest cryptocurrency reached his minimum for current cycle, but it does not prevent him from doing new forecast: by the end of the second quarter of 2019, bitcoin will rise above $ 10,000. According to Novogratz, on this stage can return “FOMO” or loss of profit syndrome, which once helped to raise cryptocurrency to the level of $ 20 000, only this time he will be caused by institutional rather than retail investors.
Novogratz believes that the negative dynamics of this year was compounded themes, that many industry participants had to eliminate their assets, “Just to cover fleeting expenses”. Companies, which no longer have the same income as last year, were forced to withdraw from cryptocurrencies in order to have possibility cope with financial commitments, pay off salary pay to employees, etc., claims is he.