CEO Galaxy Digital Ventures crypto fund Mike Novogratz believes that BTC price will reach $20 000 in 2019. He opined that such a price surge will result from the renewed interest in bitcoin on the part of institutional investors like newly launched Bakkt and Fidelity Digital Asset Services platforms.
Mike Novogratz forecasted the forthcoming bitcoin price surge in a recent interview with Financial News. Galaxy Digital Ventures’ CEO is sure that BTC price will hit $20 000 threshold again in the course of the next year due to an influx of institutional investors to the market.
“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,” – the Goldman Sachs’ fomer partner explained.
Novogratz believes that bitcoin whales could also propel the market, which has been long in stagnation due to a number of regulatory problems, like in case with reluctance to acknowledge bitcoin ETFs demonstrated by the U.S. authorities. He also opined that “institutional FOMO” will drive the market to new highs “just like there was in retail”.
It should be noted, however, that Arthur Hayes, the co-founder of BitMEX cryptocurrency exchange, sticks to the opposite opinion. Last month, he predicted the continuous crypto market downslide for the next 12-18 months.