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Home Cryptocurrency news Bitcoin

Novogratz: Bitcoin to Revisit All-Time High in 2019, Fueled by Institutional FOMO

Tony Spilotro by Tony Spilotro
2 years ago
in Bitcoin, Cryptocurrency news
Reading Time: 3min read
Novogratz
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One of the most prominent names in cryptocurrency investing believes that Bitcoin’s downtrend woes are near an end, and that a revisit to Bitcoin’s all-time high is on the cards during 2019 due to increased interest from institutional investors.

Novogratz: Taking Out $10K Will Lead to New Highs

Mike Novogratz, founder and CEO of crypto-focused investment firm Galaxy Digital Capital Management, is rarely without comment on the state of the cryptocurrency market, and in particular, Bitcoin.

Bitcoin being the most well-known crypto asset and with a market cap that is 50% of the overall market’s total aggregate, tends to be the focal point of most investors when speaking about the influx of institutional investors waiting to enter the market.

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That institutional influx, Novogratz says, will take Bitcoin to its previous all-time high and beyond in 2019.

“There’s going to be a case of institutional FOMO [fear of missing out], just like there was in retail,” Novogratz reports the Financial News.

Before that happens, Bitcoin needs to take out a couple key overhead price resistance points.

“Bitcoin has to take out $6,800, and after that we could end the year at $8,800-9,000,” he clarified. After that, though, it’s off to the races for Bitcoin.

Novogratz recently had a moment of bearish sentiment, suggesting that Bitcoin wouldn’t break $9,000 before the end of the year, and was targeting the second quarter of 2019 when Bitcoin could break $10,000.

However, the negative sentiment appears to have passed, and he’s now suggesting that break of important psychological resistance at $10,000 will occur during the first quarter of 2019 – a break he expects to start the next bull run, potentially beating previous highs.

“By the end of the first quarter we will take out $10,000 and after that we will go back to new highs — to $20,000 or more,” Novogratz speculated.

Novogratz had famously predicted Bitcoin reaching $40,000 before the end of 2018, double its previous all-time high of nearly $20,000 it reached back in December 2017. Novogratz later changed his tune due to the severity of the continued downtrend keeping cryptocurrency prices at bay.

Institutional FOMO Rally Foundation Being Built Already

The impending institutional rally investors like Novogratz have been pointing to since Bitcoin’s all-time high may be right around the corner.

In recent weeks, a number of traditional banking firms have shown increased interest in crypto, such as Fidelity, who recently became the first Wall Street incumbent to launch a dedicated cryptocurrency trading operation called Fidelity Digital Asset Services.

Now that the first stone has been thrown, a domino-effect is expected where many of Fidelity’s closest competitors join what is turning into an arms race.

Next month, the parent company of the New York Stock Exchange, Intercontinental Exchange, will be launching their Bakkt trading platform, which offers physically-settled Bitcoin Futures contracts, which many believe could help cause Bitcoin’s price to increase by eating into the cryptocurrency’s limited supply.

Featured image from Shutterstock.
Tags: bitcoinGalaxy Digital Capital ManagementMike Novogratz
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellent. 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 and feel free to drop me a line if you would like to work together.

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