In the latest Bitcoin news, we have one of the biggest bulls of the most dominant cryptocurrency, Mike Novogratz, with another prediction. The CEO of the crypt investment firm Galaxy Digital recently predicted that Bitcoin will break out of its 2018 doldrums and soar to $20,000 in 2019 – a price target that he earlier estimated for this year.
According to the investment banker, the “FOMO” (fear of missing out) will dominate and drive the market up over the coming months during the mainstream acceptance of cryptocurrencies, and the play of traditional finance players which will also join crypto.
As Novogratz said in an interview with Financial News:
“Bitcoin has to take out $6,800, and after that we could end the year at $8,800 to 9,000.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.”
Novogratz also pointed that the past summer was a bloodbath for cryptocurrencies, which were all hamstrung by a slump in the market. Despite the downswing, however, the industry scored major street credential after universities like Harvard, Yale and Stanford announced that their multi-billion-dollar endowments had invested in crypto.
“There’s going to be a case of institutional FOMO [fear of missing out], just like there was in retail,” Novogratz predicted.
The former hedge fund manager also said that regulation will push the prices up by legitimizing the industry and ridding it of scam artists.
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