Mike Novogratz, a known Wall street personality who used to be a hedge fund manager and is the founder of Galaxy Digital a company which focuses on cryptocurrency investments. His latest prediction is Bitcoin heading in for a spike in prices by the end of the year followed by an even higher price by early 2019.
He predicted a 30% spike by the end of 2019, which will put a massive smile across Bitcoin holders.
He explained his prediction-
“Thirty percent – there’s some key levels. You’ve got to take out $6,800 and if that breaks, you’ll go up to $8,800, $9,000 and if that breaks, it’s $10,000. Those kind of numbers make sense to me by the end of the year. You’re not going to see the massive run until the institutions actually start buying a lot. And the architecture is being put in place now. It’s going to be announced in the next few months. But then it’ll take a little bit of time to go through investment committees and whatnot. So I’d say first quarter of next year you’ll really start seeing it move.”
The main reason given was Wall Street institutes such as Goldman Sachs getting in on the cryptocurrency action. He also believes the primary use case of Bitcoin which is as a store of value has been achieved by the many HODLERs of Bitcoin in the cryptocurrency space.
As for Bitcoin’s utility, Novogratz says he sees it primarily as a store of value which needs no further use case to continue to grow.
Institutionalization of Bitcoin is seen to be a promising sign, and last year December 2017 when Bitcoin Futures arrived there was a considerable increase in prices. Thus institutions getting in on Bitcoin could mean positivity for the market as a whole.
Novogratz is usually right in his calls and so with him stating that the resistance level is at $6800 a breakthrough means a price range of $7000 will be achieved given the strong momentum in the market.
Bitcoin still remains the king of the cryptocurrency market, even though its the first and oldest cryptocurrency. The people behind Bitcoin surpassed all of its issues, even the recent one that created a double spending bug in the market. The speed and the dedication of the team was appreciated by the community and enthusiasts worldwide, proving that the Satoshi’s idea is still in good hands and its here to stay.
A full list with Bitcoin price prediction can be found on CoinCodex’s article, where multiple investors and entrepreneurs gave their opinion on this matter. You can also read our study if Bitcoin can be viewed as a commodity.
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