Michael Novogratz: Bitcoin Price Will Break $20k In 2019

 

 

 

 

Galaxy Digital CEO Michael Novogratz has predicted that Bitcoin could reach new highs of “20,000 or more” in 2019, when he spoke to U.K Financial News Nov. 5.

The former Goldman Sachs partner and hedge fund manager of Fortress Investment Group is well known for making bullish Bitcoin predictions, and maintained his early October price outlook saying that once Bitcoin “takes out $6,800” that we could see 2018 price close just shy of $9,000, surpass $10,000 by the first quarter of 2019, and proceed to break December’s all-time highs to $20,000 or more.

Novogratz pointed to institutional FOMO (Fear of Missing Out) in the same way there was in retail investors being a potential cause of the price moves to come.

“There’s going to be a case of institutional FOMO, just like there was in retail...

 

...That rush to invest should see Bitcoin “take out $10,000” by the end of Q1, from there continuing to break December 2017’s all-time highs and head to “$20,000 or more.”

The Bitcoin price has been trading within a historically narrow range between $6300-$6700 since early September, correlating with dwindling trading volumes and reduced Google search interest.

 

Author: Timothy Goggin

Timothy Goggin is an economic analyst with an interest in the application of moral philosophy and decentralized systems. He studied economics at the Business School at Victoria University of Wellington, New Zealand. His area of research is the consequential and moral dimensions of implementing digital currencies and the resulting synergies for consumers in the trading environment.

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