"Bitcoin will hit $8,000 within the next 12 months"
Could bitcoin more than double over the course of the next year?
According to Mike Novogratz, yes, yes it will.
Novogratz thinks bitcoin will trade for $8,000 within the next 12 months.
In an interview with Bloomberg, Novogratz said that he thinks institutional involvement will help push bitcoin up to $8,000 over the coming months.
More about his thoughts can be seen here:
Should we really listen to Novogratz?
This might not sound like much as most pundits have been wrong over the last 2 years with their predictions, though Novogratz has been a bit better than most.
For example, he first said bitcoin would break $10k in 2017 when it was trading for around $2k.
Then he said that he wouldn't be getting his clients into bitcoin when it was running up near $19k because he didn't think those prices would hold.
Then, once bitcoin started to pull back after that big run up he also said it would take about 18 months or so for prices to bottom and he wouldn't touch it until then.
Well here we are 14 months later, and so far he has been spot on.
Combining his decent price predictions along with his connections to institutional clients, listening to what he has to say might be a good idea.
Institutional clients are the ones going to cause this coming spike according to Novogratz.
The demand is still there, they just wanted to be sure they weren't catching a falling knife.
I for one think he is going to be right.
Stay informed my friends.
Follow me: @jrcornel
Hard to say, but I'd like to think he's right. I know quite a few pundits are pointing to the fact that the transaction volume is starting to approach mid- to late 2017 levels, and at some point that's going to turn into upwards price pressure.
Does make me wonder if he's influential enough to be a "leading indicator," rather than just someone who makes predictions... are people reading enough into his words to make what he suggests a reality?
I guess time will tell...
He has a ton of Wall Street connections and a ton of money personally and in his fund. With some targeted purchases, I bet his $5 billion dollar fund could start moving prices on all their own. :)
I think the potential is there but he also expected $6k to be the bottom as well. The reality is that nobody really know what it will be but the fact is that the fundamentals continue to improve.
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Yep, I thought $6k would hold as well. It was actually encouraging to hear I wasn't the only one fooled by that plunge.
8k in the next 12 months is easy... bottom in june, a few months of consolidation(october?), reversal normally leads to a 100% pump in days, let's say the bottom is at 2400, this pump would bring it to 4800 easily, since there is a big amount of money waiting for reversal, adding another 100% to or after that pump wouldn't be that hard, which means 8k... easily! I too expect us to be around 8k in 12 months... If people knew how much money is waiting on the sidelines to go back in they would be saving money to buy in too!
So, you don't think the bottom is in yet?
Imo no... we still have 1 more leg down to go... we havent' broken any trendline, any resistance, we got no buy volume, the RSI spiked up without any sort of price spike, the only thing supporting us is the 200 ma Weekly, which will soon break and make us fall down, this ma normally breaks after huge bubbles in the stock market, 2000 dotcom bubble and 2008 house bubble, btc just went through a massive massive bubble, so it only makes sense for it to break. We also don't have any money coming from use cases, we have what a couple of shitty games that run on blockchains? A few buys and sells with btc?
Imo, we will head further down, I'm going to watch out for 2.8k, 2.4k, 2.2k, 1.8k, 1.1k, 2.8k is almost certain imo, 2.2k is possible, 1.8-1.1k is harder, but still possible...
This would be really good for the market, it would kill many shitty projects and would enable the whole market to rise from the ashes!
I wouldn't tell anyone to buy now... The best thing to do is wait for a bear market trendline breakout, that is the right time to invest!
This is just starting! If I would compare this market to the dotcom market I would say we aren't even in the dotcom 2000 bubble! That is going to happen when big investors enter!
If you happen to have time I made 2 posts about this, they are past payout so I don't feel like a leech by posting them here: 1, 2
Thanks for the well thought out comment, I will check those out.
Me hopes you are correct Sir 🧐
Am I ever not correct?
I wouldn't be surprised if it does go to there. I also wouldn't be surprised if it's a little more sideways. The other conservative estimates of 6k or 8k by the year end are extreme sideways movement.
Of course, I'm not certain that all the reasons that Bitcoin moved this far down have come out, at least not in what I have read.
Might be nice to see a breakdown and report over everything that happened on the timeline with some serious research, to understand all the movements.
Yea, though sometimes price movements are easily explained. After the bubble popped I think it has mostly just been people not wanting to be in a sector that is pulling back... when it starts going up again, they will come right back.
A lot of it has been people moving out because it was going down...and perhaps buying in lower. But, crypto news has always made me suspicious, because often there's some hypothesis out early that might explain away a crash...but then later something bigger comes out, and it makes more sense.
There has been a lot of big news...bad news, in the last year and before...but then I look at all the crap that was coming out about bitcoin before, and I wonder if it was enough to cause this major of a crash. The only thing I can explain it away with is that it was some billionaires investing a ton, then selling near the top. The kind of money to push Bitcoin that high that fast, even if it's going to move higher eventually, that's not rich people, that's funds and institutional money. Some majorly rich people decided to invest in crypto, and pushed it higher than it was supposed to go that fast, then got out, and it crashed with all the bad news and hacking and sells by other major investors.
Right now, that's just a conspiracy theory because the little reasons that have come out don't make full sense. That's why I kinda wanna see a timeline with news and research about major sales, so I can look at it and understand. Right now...it doesn't make sense. We've gotten some major good news in the last year as well that didn't even seem to phase the market.
Yes!! i beleive it!! Over the 6,000 by the end of this year!!!
I could see it as well. There should be some resistance at that $6k mark though.
Yeah, you got ti!
Yes!! I believe in it too !!!
Not a long time ago I said Bitcoin will peak mid-January 2020, that would still be within time frame of next 12 months... Everyone wants Bitcoin to climb close to 20k USD again or even higher.
I have to imagine a lot of whales and exchanges would like to see prices go back up again, hopefully they do what they can to make it happen.
We all know things happen when people get tax returns... In some countries it will be even 4 months earlier than previous years...
Yep, will be interesting to see if any of that money finds its way into crypto this year. We will see in the next few months.
It has done it before! So it could be possible. But to be honest I would prefer a nice steady growth in stead of going to the moon in a 2 short period!
I do like the moon, but you are right in that a steady climb would be much more likely to hold the gains.
That sounds about right. I'm shooting for $6400 in December. The price might pickup to 8k by Feb.
There you go, you guys are saying pretty much the same thing.
@jrcornel, In my opinion nothing is for sure but if we see Institutional Investors coming into Crypto Space then definitely it will going to boost the Cryptocurrency Market and inturn prices. Let's see where this is heading. Stay blessed.
Hoping for good things!
Yes. Let's hope for the good. Have a blessful time ahead.