fGalaxy Digital CEO Mike Novogratz is the latest billionaire to make a prediction about Bitcoin. The former Goldman Sachs partner said recently that Bitcoin would recover from its current trends and that the price would go above $20,000 again before the end of 2019, as institutional investors and crypto custodial service providers renew their interest in cryptocurrency.
According to Novogratz:
Bitcoin has to take out $6,800, and after that, we could end the year at $8,800 – $9,000. By the end of the first quarter we will take out $10,000 and after that, we will be back to new highs — to $20,000 or more.
Novogratz also said that “institutional FOMO” would drive the market to new highs. He believes the market will be propelled forward by institutional investors such as Bakkt and Fidelity Digital Asset Services.
Are his predictions to be believed?
Many financial analysts, CEOs and other well-known billionaire have made bold predictions about Bitcoin and other cryptos over the past year which turned out to be wrong. Many of them are now retracting or making new predictions for the price of Bitcoin. Ran Neuner and Arthur Hayes are among those to revise their predictions recently. Tom Lee has also revised his predictions, although he stands by his prediction that the price will reach $20k – $25k. We can now add Novogratz to the list.
Meanwhile, the SEC is expected to give a statement regarding their decision on 9 Bitcoin-ETF applications.