Novogratz Lost The Confidence In Bitcoin, Predicts $12,000 Next

It seems that the bitcoin bull Mike Novogratz lost all confidence in the leading cryptocurrency for 2020 and said that the next target will be $12,000 but doesn’t really comment any more on the matter as we are reading further in the Bitcoin latest news.

Novogratz is one of the biggest proponents of Bitcoin and he is a former Wallet Street hedge fund manager and investor who also owns Galaxy Digital which is a full-service digital asset merchant bank. In a tweet earlier it seems like Novogratz lost all confidence for the asset’s performance in 2020 and said that Bitcoin will finish trading at $12,000. At the time of writing, Bitcoin is trading around $7,300 and it’s expected to reach $12,000 which would mean a 64 percent increase over the next year. Historically speaking, this could be possible since in 2019 Bitcoin did start trading at around $3,700 and increased all the way up to where it currently is, marking a growth of about 100 percent.

While Novogratz is seemingly Bullish on Bitcoin’s price for the following year, it is also worth noting that he seems to have lost all of the confidence in the asset. Back in July right after the price had reached its yearly high of about $14,000, the prominent investor said that Bitcoin could even recover to its all-time high of $20,000 by the end of the year. He also added that the low volumes that we are about to see in the following year will be around $8,500 which also failed to be true.

Anyway, it is important to outline that there are very few events that have to be considered since Bitcoin’s halving is set to take place in May 2020 and many people believe that the period after the halving will be of significant growth as it has already been so far. As per the recent reports, Mike Novogratz suggests that the number one cryptocurrency is surging and leaving its peers behind. The dominance on the market by bitcoin is hovering around 57 percent. Back in 2017, the dominance level was nearly 10 percent lower. Mike Novogratz suggests that the crypto markets have matured since the last Bitcoin Bull Run.
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