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.
Russia Is Not Planning To Buy $10 Billion In Bitcoin
“This statement has no common sense. The Russian Federation — like any other country in the world — is simply not ready to combine its traditional financial system with cryptocurrencies.”Sidorenko reacted to the fake news reports from Telegraph where it was noted that Russia wants to invest $10 billion in bitcoin in order to mitigate the economic impact that is brought up from the US sanctions. The rumors emerged on Twitter where a particular user wrote that Kremlin has no choice but to invest in bitcoin and that it is the only way to avoid the harsh sanctions by President Trump. Ginko posted on Twitter and his post went viral after Telegraph wrote a story about it and lots of other websites just added their own touch to it. Ginko is known to the public for making such shocking tweets and comments after once saying that sham investment adviser Bernie Madoff is the real Satoshi Nakamoto. However, Sidorenko said that Ginko’s comments are absurd:
“Even if Russia wants to place its cryptocurrency assets now, it simply cannot do this. We do not have any mechanisms that would allow us to introduce a system: where these assets would be stored, which authorities would be responsible for it, which would be responsible for abuses and stuff.”However, according to Tota Kaliaskarova, the director of macroeconomic policy with the Eurasian Economic Union says that crypto could have a huge impact on the Eurasian economy.
Market Sees Red, Losing $1 Billion Overnight While Bitcoin Remains At $3,600
Crypto Analysts: 2019 May Be A Year Of Bitcoin Accumulation
“Similar to 2015, 2019 may be the year of accumulation.’’Another crypto researcher Willy Woo said that while a crash of bitcoin to $3,122 could lead to an increase in volume, it won’t show signs of starting of the accumulation period. He pointed out:
‘’Despite the technical setup that suggests bullishness is possible, there’s not a lot on-chain volume to fuel a prolonged up move. What we saw in the last 7 weeks was a spike of on-chain volume driven by volatility, coins moving to exchanges to trade. The initial volume spike false signalled a faster detox and an earlier end to the bear market, but in fact it was a volatility side effect. That move from $6k to $3k created immense trade volume, but it was in no way a signal that accumulation volume had begun.’’Until evidence for the accumulation of crypto assets shows up, there are still expectations of high volatility levels.
Scott Galloway Of UCLA Believes Crypto Will Get Worse In 2019
‘’VR and crypto go from bad to worse. AI fails to live up to the hype. 3D printing rises from the ashes. Smart cameras become a hot category.’’His assessment seems to be accurate but can the crypto market prove to be the odd one out? This can be so since many industries are really committed to the crypto sector. Companies such as Fidelity, ICE, and Nasdaq have funded at least five projects in the crypto space over the past year. Venture capitalist Jim Breyer even said:
“So many of the very best computer scientists and deep learning Ph.D. students and postdocs are working on blockchain because they have so much fundamental interest in what blockchain can mean. You don’t want to bet against the best and brightest in the world.’’
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