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Novogratz Turns Bearish on Bitcoin Short-Term, Won’t Break $9,000 Before 2019

Tony Spilotro by Tony Spilotro
4 years ago
in Bitcoin, Market Wrap
Reading Time: 3 mins read
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Mike Novogratz, outspoken cryptocurrency investor, CEO, and founder of investment firm Galaxy Digital, is commonly known throughout the crypto industry as one of the emerging asset class’ most prominent bulls.

However, according to comments made by Novogratz at The Economist’s Finance Disrupted 2018 conference yesterday the long-time Bitcoin bull may finally be turning bearish – at least in the short-term.

Mike Novogratz: Bitcoin Won’t Break $9,000 This Year

Novogratz, the Forbes-ranked billionaire and former hedge fund manager at Fortress Investment Group, has long been bullish on Bitcoin and cryptocurrencies in general.

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In the past, he has predicted a $20 trillion market cap for cryptocurrencies, and back in November 2017, right before Bitcoin’s price went parabolic and hit an all-time high price of $20,000, Novogratz was already looking ahead at 2018. At the time, he claimed Bitcoin could “easily” reach $40,000 before the end of 2018.

However, his new prediction for the end of 2018 falls significantly less than what he had been expecting one year ago, before a nine-month-long bear market beat and battered bulls like Novogratz.

While speaking at The Economist’s Finance Disrupted conference, CNBC reports that Novogratz doesn’t think Bitcoin will even reach a quarter of the value of his previous $40,000 prediction.

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“I don’t think it breaks $9,000 this year,” Novogratz said, offering a short-term bearish view on the number one cryptocurrency by market cap.

Novogratz said that Bitcoin had bottomed in September, but despite believing so, Novogratz doesn’t expect Bitcoin to break $10,000 until the second quarter of 2019. At that point, Novogratz expects another “FOMO” rally to occur, driven this time by institutional investors instead of retail investors who helped inflate the last bubble.

Novogratz, like many others in the space, believe the next bull market will occur when institutional investors begin to rapidly enter the space.

Bitcoin’s Price Struggle Attributed to “Chronic Lack of Demand”

Throughout the year, Bitcoin has been unable to reach new highs, and has repeatedly painted lower lows on its price charts. Since July, Bitcoin has begun making higher lows, indicating that selling pressure has started to dry up. However, buyers aren’t stepping up to the plate either, and the price consolidation Bitcoin is showing reflects this.

While the lack of buying or selling could be attributed to uncertainty in Bitcoin’s next big move, causing investors and traders to remain sidelined until the price chooses a direction, Jani Ziedins, a Cracked.Market analyst, believes its really due to a “chronic lack of demand.”

“Bitcoin is still struggling to break $6.8k resistance. If buyers wanted to buy this dip, they would have jumped in already. The chronic lack of demand at these levels is a concern, and the path of least resistance remains lower,” Ziedins explained, reports MarketWatch.

Regardless of the cause, it’s clear that the 2018 downtrend and resulting bear market has worn out even the most bullish of Bitcoin bulls, from retail investors, to billionaire hedge fund managers like Mike Novogratz, and nearly everyone in between.

Featured image from Shutterstock.
Tags: bitcoincracked.market. jani ziedinsfortress investment groupGalaxy DigitalMike Novogratz
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

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