The Bullish Bear: Mike Novogratz’s Latest Bitcoin Forecast
On October 15, investor and cryptocurrency enthusiast Mike Novogratz reiterated his belief that Bitcoin won’t break the elusive $10,000 mark in 2018. Known for his optimistic views, Novogratz is the founder of Galaxy Investment Partners, and he’s not shy about discussing his forecasts, which he shared with Bloomberg.
Waiting for the Right Moment
Despite being the guy who called a “bottom” in the market back in mid-September, Novogratz now suggests that patience is key. He predicts that it may take a bit more time to build momentum before seeing the upward movement in cryptocurrency prices. As for those institutional investors many have been eagerly waiting for? Well, Novogratz believes we won’t see them until 2019. He stated, “…I think Q1 [or] Q2 [2019] if the institutions start coming in, we’ll put in new highs.” Talk about a cliffhanger!
Fidelity’s Security Solution: A Beacon of Hope
Coincidentally, Novogratz’s predictions came on the same day Fidelity Investments announced plans to launch a custody solution for institutional investors. This news may sound like a victory for Bitcoin and its fellow cryptocurrencies, but Novogratz cautions that such solutions need to undergo rigorous testing. His metaphorical plumbing analogy gives a whole new meaning to “running water.” “They’ll probably be up and running in January or Q1,” he noted, adding, “And then you’ve got to run some water through the pipes.”
Institutional Interest: A Slow Burn
Based on Novogratz’s insights, it seems like the cryptocurrency market is gearing up for a slow but steady influx of institutional capital. However, he suggests we might see significant flows into cryptocurrencies only late in the first quarter or early in the second quarter of 2019. Investors will be crossing their fingers harder than ever for some bullish waves!
Contrasting Views: Tom Lee’s Daring Predictions
While Novogratz is tempering his expectations, other finance analysts aren’t pulling any punches. For instance, Tom Lee from Fundstrat Global Advisors maintains that Bitcoin could reach an astonishing $25,000 by the end of this year. And if that wasn’t bold enough, Lee also predicts Ethereum (ETH) may soar to $1,900, which would represent a whopping 40% increase from its previous record highs. It’s a wild, wild world out there in crypto-land!
Conclusion: The Crystal Ball Effect
Novogratz’s balanced approach may guide some cautious investors, while those like Lee are ready to take a leap of faith into the high-flying wings of Bitcoin and Ethereum. Ultimately, only time will tell where these digital assets will land, but one thing’s for certain: the cryptocurrency saga continues, and we’re all here for the show!
