Novogratz says Bitcoin likely to hit $20k by year end - And I think he's right
Mike Novogratz hasn't gone anywhere.
There had been rumors that Novogratz was suddenly less bullish on bitcoin after he said he sold a good amount in the $13k-$14k range a month or so ago.
And then when Libra and bitcoin faced the backlash from regulators, Novogratz was noticeably silent.
This was leading many to believe that perhaps he had given up on his bitcoin thesis.
Novogratz came out yesterday though to say that was not the case!
So, what comes next?
According to Novogratz, we are in a consolidation period and prices are likely to regain their momentum in the coming months.
Mostly driven by institutional investors.
His exact quote:
"I’m hoping bitcoin doesn’t get down there ($8k), but if it does, it wouldn’t surprise me. And then I think as these institutions that have gotten excited again, maybe toward the end of the year – hopefully sooner – we push out of this current range and we go back to the old highs of $20,000.”
(Source: https://www.ccn.com/news/bitcoin-could-reclaim-its-peak-hit-20000-by-year-end-novogratz/2019/07/25/)
Basically he is saying he thinks we mostly consolidate in the current range for a bit longer, with a small chance we test the $8k area.
Then he thinks it is all systems go for $20k by the end of the year.
Why should we pay attention to his prediction?
His call is particularly interesting because he said back in June to sell the $13k-14k area because prices were due to pullback to $10k rather shortly.
It did just that.
Now we will see if he is right on with his next prediction as well!
Stay informed my friends.
Image Source:
https://www.ccn.com/news/bitcoin-could-reclaim-its-peak-hit-20000-by-year-end-novogratz/2019/07/25/
-Doc
When is the halving?
Beginning of May.
👍
Does this mean you agree as well?
20k or not, that bitcoin halving gonna be CRAZY hahaa
Yep, May of 2020 is quickly approaching.
Bitcoin is so OG.
If only there were a crypto that is super fast, free tx, a battle tested network and super high capacity which is capable of scaling, has lots of devs and was also the most social... hmm. That's the one I would bet on.
Except that one has a voting mechanism that is broken, 2 years worth of missed development timelines, a witness structure that needs a complete overhaul (but we can't get because it will directly impact their pay), plus not much compensation going to actual developers... just to name a few... but other than that. :)
I thing some of these things can be overcome, which is why I am heavily invested, but there are some major issues as to why steem is priced like it is.
Fair points. The on-boarding and retention rates are the most troubling to me. I suspect the next HF will help that a good bit.
We shall see.
Hopefully. Though I am not confident. I think communities and smts are likely going to be game changers if and when they ever get delivered more so than the EIP and SPS.
steem is history for price bud
and BTC will have major issues with speed and fungibility
its going to a 100k and i still wouldnt touch it now at 25 percent off
i will stick with the original BTC whichis BCH and the completely untracable and completely fungible XMR
and my sweet sixteen alts on top of that that alot are doing well even with the alts not doing so good
Price is still looking for a base around here so that is really the first step but the reality is that $20k would be easy to get to if all the catalysts align. However, it seems that FUD is trying to find it's way in the market these days.
Yep. I could see us testing $8k area first before a run to new highs.
Why should we pay attention to his prediction?
Because he is an expert and being a crypto believer or not, doesn´t influenciate the way he reads the markets... :D
I agree with him, everything points to that happening, although the "year ending" is quite open, I´m thinking mid-November is when we start... slowly but surely.
He's been pretty accurate with most of his calls thus far.
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It feels like longer!
he sounds like the people i subscribe too which are saying the same thing basically
consolidating until end or august or maybe a little longer
and when you say 8000 and hope it doesnt get there and then say 20,000 by end of the year well which is it
lol sounds like he is playing both sides of the fence so that way it is very hard to be wrong if you are knowledgable
have a great day jr