Top Crypto Bull Lowers Bitcoin Value Projection Once Again
He had earlier predicted that the price of bitcoin might hit $40, 000 but he has changed that stand once again.
Novogratz Changes His Bitcoin Prediction Again
Mike Novogratz has come out to predict that the value of bitcoin will not surpass the $10, 000 level. According to Novogratz a leading bull in the industry, bitcoin might hit the mark in 2019.
Novogratz is the proprietor of crypto merchant bank Galaxy Digital. Speaking to CNBC, Novogratz stated that he is optimistic that bitcoin might not even hit the $9, 000 mark by next year. He expects the crypto to drop further. Novogratz was speaking on the sidelines of Economist Disrupted forum
To back his opinion, Novogratz stated that blockchain firms have no choice but to dispense their cryptocurrencies at the current bear market. He said the sell-off is meant to burn the rate of the market.
Earlier in the year, the leading bull had projected that bitcoin value might hit $40, 000. He also predicted that the entire crypto market cap will soar to over $2 trillion. He then lowered his projection to $800 billion. Since this target seems unattainable, Novogratz said that he held the view that the crypto industry would wind up 2018 with the highest prices. Two months ago, Novogratz returned and said that the target is not achievable.
Speaking on Tuesday, Novogratz opined that the bitcoin price will gain momentum during the early phase of 2019 and surpass the $10, 000 mark. However, this projection looks impossible due to a huge altcoin surge that might be higher than that witnessed this year. With bitcoin under the $10, 000 mark, it will be impossible for the crypto market to hit $800 billion.
Predicts 2019 To Be A Good Year For Cryptos
He has insisted that the crypto industry will achieve the target over an extended period than anticipated earlier. It is key to note that Novogratz has not looked at the asset category. During the forum, he said that Tiger Global had pumped money in Coinbase upper stock. According to reports, Tiger Global had bought $500 million in shares at an $8 billion valuation.
Novogratz further stated that institutional investors might join the market next year towards the end.