Mike Novogratz: "Bitcoin will see record highs in 2019"
The bitcoin bear market may be in its final stages.
Mike Novogratz of Galaxy Digital Assets recently said in an interview that in 2019 bitcoin will soar again.
Not only will it soar again, but it will make new all time highs.
Fomo again will be the driving force behind the new all time highs, but this time it will be driven by institutional investors as opposed to retail investors like the last fomo rally was.
(Fomo = Fear of missing out)
Specifically, this was Novogratz's quote:
“There’s going to be a case of institutional FOMO [fear of missing out], just like there was in retail,”
(Source: https://www.ccn.com/bull-call-novogratz-says-bitcoin-will-see-record-highs-in-2019/)
Awesome! But what about end of 2018?
Novogratz said several months back that bitcoin would not break $10k before the end of 2018, and so far it looks like he may be right.
However, he still sees a possible price increase from now until December 31st.
Saying:
"Bitcoin has to take out $6,800, and (if it does) after that we could end the year at $8,800 to 9,000.”
(Source: https://www.ccn.com/bull-call-novogratz-says-bitcoin-will-see-record-highs-in-2019/)
Then, according to Novogratz, the train keeps on rolling from there...
“By the end of the first quarter [of 2019], we will take out $10,000. And after that, we will go back to new highs — to $20,000 or more.”
(Source: https://www.ccn.com/bull-call-novogratz-says-bitcoin-will-see-record-highs-in-2019/)
His reasoning?
According to Novogratz, although 2018 has been a bear market for prices, it has been a bull market for crypto related infrastructure.
Basically, the foundation has been being laid for the past 10 months and we are getting close to a point where institutions are going to be able to invest in crypto.
They won't invest a lot initially, but they will invest some, which will cause others to invest some.
Before you know it, we have another fomo rally that is being driven mostly by institutional investors not wanting to miss out on this new portfolio hedging vehicle.
“It’s a bull market in institutions building the infrastructure needed for real-money investors to start investing in this space. Three to six months from now, there will be an ‘all-clear’ sign for people — big institutions and pension [funds] — to start investing.”
(Source: https://www.ccn.com/bull-call-novogratz-says-bitcoin-will-see-record-highs-in-2019/)
Harvard, MIT, and Stanford have all announced recently that they are starting to dip their toes in crypto.
I am not sure about you, but all of this is music to my ears.
Stay informed my friends.
Image Source:
https://www.ccn.com/bull-call-novogratz-says-bitcoin-will-see-record-highs-in-2019/
Follow me: @jrcornel
Yes goood to hear. Praying 🙏🙏🙏🙏🙏🙏🙏🙏
You and me both!
Hope he is correct 🧐💰💰💰💰💰
You and me both corndog.
While I love hearing about these really bullish predictions because they make us all feel good, we also have to look at the other side too.
In a recent newsletter by CEO of Bitmex they said:
"The Bitcoin price volatility is the gateway drug into the ecosystem. The media writes about things that move; therefore no movement, no coverage. The diehard traders and engineers will always hear about a new asset class or technology in advance of popular media outlet coverage."
https://mailchi.mp/96b261906bf9/crypto-trader-digest-1307811
Basically, BTC (and cryptos in general) have been bouncing around in a narrow range for a long time. Traders can pick off their 10-15% every few weeks, but this kind of narrow band oscillation is not what many of the people who joined crypto in late 2017 came for. They came for the 3-4 digit price surges. Without these kinds of surges, the crypto market is just nothing to write home about and with no excitement, there's no hype - no hype = no price surge.
And then cash settled BTC futures are not helping the bull case either, let's see if Bakkt with BTC physical delivery futures can right the wrongs of the past 9+ months.
Yes though if you zoom out a bit on Arthur Hayes's comments (CEO of Bitmex), he also says that he thinks bitcoin will make new highs in 2019. Basically he is just saying we might have more crash before you buy the dip.
Novogratz said there will be some action in the first and second quarter of next year. I hope I am still alive next year ;/ @jcornel
Haha seriously. Me too.
It’s like the same thing you mentioned in your other post sometime ago; he’s basically trying to create volatility and is making people buy more to increase it.
It’s so weird that more people believe bitcoin will rise, the more it will. Like the power of belief just channels through a person and into the coin.
Kinda like a spirit bomb in DBZ
Posted using Partiko iOS
Hopefully that is the case anyways! Though in regards to the volatility, I believe you are referring to Arthur Hayes as he was the one wanting increasing trading activity.
That’s him. I guess you can equate to the volume of volatility created to how well known that person is.
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Love hearing the positive bull market predictions :D
This guy has been pretty good on his calls thus far as well. If people have actually listened to him, he is one of the better ones out there.
Good news. I could use some more money to invest further!
Me too. Where do we get it?
Let's rob the local crypto store
Lol can't do it now... it's on the blockchain forever! We would be caught!
lets invent a thing inventer that will invent a thing that will help us stay anonynomous
I love this article keep this up !!!
Which part do you like best?
The part about kangaroo in the world war II.
:)
I must have missed that part.
If the endowments of these educational institutions step in, it could be a huge catalyst given how much assets under management they have. A 1-3% allocation could bring in billions of dollars into the market! This probably benefits the top assets like bitcoin as they are somewhat conservative.
Yep, that is exactly right. They won't be buying other cryptos, though they may buy into some crypto funds that have exposure to many cryptos. The hope is that if bitcoin shoots up, it also pulls steem and others up with it, though it may not.
Shared on twitter promoting great quality content on #Steemit.
Thanks again for sharing.
Stephen
#Promo-Steem #steemtalent #JoinSteemit #Steemit
Mike Novogratz: "Bitcoin will see record highs in 2019". #STEEM #Steemit
#Bitcoin #BTC #BTC #Cryptocurrency
https://twitter.com/StephenPKendal/status/1060230722408062981
Awesome, thanks!