Ex-Goldman Sachs partner and a bitcoin bull Michael Novogratz named a condition upon which the «big daddy» will be able to hit the margin of $9,000 by the end of the year.
In a recent interview, Novogratz also reiterated his prediction that next year institutional investment flows into bitcoin will increase. Therefore, according to Novogratz believes, bitcoin will be able to climb as high as to $20,000.
Bitcoin Might Hit $20,000 or More?
In a recent conversation with Financial News journalist, Michael Novogratz, top exec of multi-service merchant bank Galaxy Digital, made another budding prediction about bitcoin. The former hedge0fund manager assumed that next year the most valuable cyber coin in the world may be traded at $20,000 or more.
He also predicted by the end of 2018 BTC might be traded at up to $9,000. However, under one condition:
“Bitcoin has to take out $6,800, and after that, we could end the year at $8,800-9,000,” said Novogratz.
As of writing, bitcoin’s price is $6,539, and this is an outcome of relative stability of the coin within the past weeks. Some experts point out such lack of volatility shows that the crypto-market is maturing. For instance, in a recent interview with CNBC another bitcoin bull Tom Lee said he was surprised about such a stability in bitcoin.
However, according to Novogratz, the status-quo if bitcoin might be challenged next year — in a positive sense though. A few weeks ago the bull forecasted an inflow of institutional funds in the bitcoin ecosystem. Novogratz believes this prediction is still relevant.
In particular, he said that institutional investors will face the same «fear of missing out» (FOMO) as retail investors did, and thus prices on the crypto-market will soar. The investment race will cause bitcoin to hit $10,000 by spring and later on the coin may see 2017 mid-December’s record of $20,000 again.
Image Source: Flickr