One of the most prominent Bitcoin bull, Billionaire and CEO of Galaxy Digital Firm Mike Novogratz has turned short-term bearish, suggesting that Bitcoin will not break $9000 by this year end.
Speaking at Economist’s Finance Disrupted 2018 conference in Manhattan, 3rd October Novogratz suggested that he doesn’t see much chances of Bitcoin breaking the current ‘slump’ CNBC Reports.
“I don’t think it breaks $9,000 this year”
Novogratz had told that Bitcoin had bottomed in September when it was in the range of $6300-$6400, however, he still does not see Bitcoin breaking the $10000 mark by the end of this year.
The hedge fund Titan has always been bullish on Bitcoin, even before the bull run in 2017. At the time he had predicted that Bitcoin could hit $40000 easily by the end of 2018.
He expects the FOMO rally to happen anytime after the second quarter of 2019 driven by institutional investors this time instead of retail investors. We know that products like Bakkt are going to launch this year end which will make it easier for institutions to set foot in this industry.
Tone Vays criticized Novogratz for creating unrealistic expectations, Vays Tweeted:
Soooo, this is interesting, I have been going against @novogratz everytime he was in the news pumping #Bitcoin but how to be contrarian now?
My Take: "He is under pressure from investors on his losing $BTCUSD / #crypto position & needs to now creat 'realistic' expectations" pic.twitter.com/oDusRDcoPd
— Tone Vays [@Bitcoin] (@ToneVays) October 3, 2018
Novogratz has been actively working on building the infrastructure in the Crypto ecosystem, Novogratz’s Galaxy Digital management partnered with Bloomberg earlier this year to create a Cryptocurrency index benchmark.
Bitcoin had an insane rally back in December-January which was clearly driven by a lot of speculation and the market has undergone a correction of over 70% after that which is only natural. It is not easy for anyone to predict the exact timing of these market cycle and how exactly it will play out. One should do their own due diligence and have a basic understanding of the asset class before investing and not take any one person’s word to determine how the markets will play out.
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