[2017-11-22] Bitcoin Price to End Year at $10,000: Mike Novogratz

[cybersofts]

Bitcoin Price to End Year at $10,000: Mike Novogratz

Billionaire trader and legendary hedge fund manager Mike Novogratz says that the bitcoin price will reach $10,000 before the end of the year.

Novogratz: Bitcoin Price to Reach $10,000 This Year

Novogratz, a former Fortress manager, made this bullish prediction in an interview with Bloomberg on Tuesday. He explained that bitcoin has value for the same reasons that gold does: scarcity, distrust of the central banking system, and consensus.

Previously, Novogratz has stated that he believes mainstream financial firms are preparing to make a splash in the bitcoin markets and ecosystem. In October, he said that this Wall Street “herd” will carry the bitcoin price to $10,000 within six to 10 months. However, the bitcoin price has already increased approximately $3,000 since then, making him confident that bitcoin will reach the five-figure mark by the end of 2017.

    “The institutionalization of this space is coming. It’s coming pretty quick.,” he said recently.

Standpoint Research founder Ronnie Moas has made a similar revision to his market forecast in response to increased Wall Street interest in bitcoin, raising his 2018 bitcoin price target to $14,000 from $11,000.


Crypto Revolution in ‘Second or Third Inning’

Responding to the recent market volatility associated with the $31 million hack of Tether, a USD-pegged Omni token that serves as a substitute for cash on many cryptocurrency exchanges, Novogratz explained that traders are nervous about losing the massive profits they have accumulated during bitcoin’s yearlong bull run. Consequently, they react skittishly at every potential market hiccup, even though the bull run has a long way to — $5 trillion according to an estimate he made earlier this year — before it reaches true bubble status.

    “We’re in the second or third inning of this revolution,” he said. “Because prices have moved so far people are nervous. You made a whole lot of money, there’s news, so you want to book your profit and get out.”

Novogratz also told Bloomberg that investors have been “receptive” to his creation of Galaxy Investment Partners, a $500 million crypto-hedge fund — the largest of its kind — that will invest exclusively within the blockchain space. He is staking at least $100 million of his own capital in the fund, and he hopes to raise $350 million to $400 million from external investors by the first quarter of 2018.


Source: https://www.cryptocoinsnews.com/bitcoin-price-end-year-10000-mike-novogratz/

[Guardian.P]

So you can talk about anything, raised Mike Novogratz from 11 000 to 14 000 or not we can not check it, in order to make sure of his words.

[marckenigsberg]

With more than a month to go and CME and bch it's still open season here.
I think Richard Heart is still sticking to his 20k prediction.

[Isaak Bitcoin]

I assume that bitcoin by the end of the year will cost no more than 9500. In January, there may be a slight decrease in the rate due to the holidays. And then again there will be a steady increase in value.

[Ushler]

So you can talk about anything, raised Mike Novogratz from 11 000 to 14 000 or not we can not check it, in order to make sure of his words.

I think we can check if he is right in 6 weeks.

[Fire Rabbit]

In my opinion, the btc price will definitely touch 10000 dollars by the end of december and I am 100 % sure regarding that or the medias and rumours will make it happen by predicting its profits . Nowadays the news of bitcoin is hitting the newspaper everyday and this makes people to own some coins and keep it in their wallet. It is logic that if demand increases and the supply decreases, its price will automatically increase. This is what happening in the case of bitcoins too.

[J. Cooper]

I hadn't heard of Mike Novogratz prior to this interview but I went ahead and actually watched the interview for myself and I have to say this guy gets it. His analysis was pretty accurate and he also nails the reason why other big names in the financial sector seemingly don't get it. Considering the current circomstances I strongly feel that a $10,000 bitcoin move is very possible. A lot of people claim the market will steadily correct due to people collecting profits for the holiday season but I think it will be a catalyst for the last bull run of the year.

With more than a month to go and CME and bch it's still open season here.
I think Richard Heart is still sticking to his 20k prediction.

$20,000 is possible but I don't think it's very probable considering the given time frame (too much parabollic growth too quickly isn't good either). If you're looking at the long term, it's very probable we will be hitting $20,000 somewhere along the road.

[Oo ako to]

I believe it would be more than $10k considering the fact that there is still another fork on December which is for Bitcoin Silver. People will go again for a massive buy to get another free coins and also there's multiple forks that is going to happen in 2018 so I don't know what's the price it is going reach.

[Halcyon Days]

It is really interesting, that all the experts are predicting a $10k price at the end of the year, when BTC is already trading at >$8k. This can easily be said at this point. However, if many experts are giving statements like this, overall, this will give more confidence into the end of the year bitcoin run.

[BitHodler]

Even if so, it's nothing really special anymore. People have been through so much growth already, that they look at it as being just another day at the office. At least, that's how it is for me.

I have been hodling through till now without being tempted to sell, and I will continue to hodl further even if it jumps over the $10,000 mark. I have no intention to trade, and therefore will not take any risks selling ~ I'll play it safe.

I am more looking forward how this market reacts at the moment institutions come on board with their deep pockets, because that's what's really interesting ~ they'll lift this market to levels beyond what we think is possible right now.

[Trish464]

hmmm... this is interesting! Let's watch and see if this will happen in the next few weeks.

[Josh4971]

let's hold on to our coins and see how this goes by the end of the year!

[MikeBtoB]

Why not, very little is left up to 10,000$ then the media will start to write about the sharp rise. This will lead even more investors to go on a 15 000$

[Yaunfitda]

It didn't surprise me. Mike is very bullish about bitcoin and he has a lot of investment in it. And I was not shocked because the demand is getting higher everyday. We are above $8K today and its not slowing down. But this massive bullrun has somewhat in standstill maybe because there are no newcomers to the market, or the price has really reached its peak for now.

But to really push the price to $10K level, I think CME will play a factor. CME is expected to launch their bitcoin futures contract before the end of 2017. So if this come to fruition, $10K will be nothing to bitcoin, it will be just a tip of the iceberg.

[greeklogos]

I believe it would be more than $10k considering the fact that there is still another fork on December which is for Bitcoin Silver. People will go again for a massive buy to get another free coins and also there's multiple forks that is going to happen in 2018 so I don't know what's the price it is going reach.

More than 10k$ is going a little bit hard, I don't believe it is going to be much high than 10 000. I just wander why the author call this opinion as bullshit?

Novogratz, a former Fortress manager, made this bullish prediction in an interview with Bloomberg on Tuesday.

Just remind the last year when bitcoin hit 1k$ the first time, as I know everybody also were surprised, cause of that time it was high pump and new price's record.

[Lucius]

These days price is in range from 8000-8300$ with one drop under 8000$ but with fast recovery.Only thing that can push price to 10000$ is CME and their plans to start bitcoin futures.Since they need BTC for that it is expected that demand will increase and push price up to 10k$ or even more.

So Mike is in very easy position with his prediction,we all know there is a great chances that this happens.What is more interesting now is predictions for next year,with all this money which is ready to be invested in BTC 14k or something like this seems pretty low.

[eCrypto]

Nakamoto never stops

[1Referee]

It's easy to throw around with predictions when a market has already increased significantly, which directly lowers their overall credibility for me. If they would have said the same last year, and it would even be 75% right, they would seem to have a decent bit of knowing how this market works, what increased demand does to this market, etc. Right now it's like they look back at how much growth we went through this year, and based on that make a fairly conservative prediction with the knowledge of it to very likely become reality. No risk in these predictions, not backed by actual up front knowlegde, nothing - everyone can just read through the latest happenings and come up with the same predictions.

[iram1011]

I am quite doubtful about the second part of the OP. I don't feel long terms traders are at all nervous of Bitcoin bullish run and are exiting/booking profit. Recent tether and Bitfinex scam was pointing towards another Mt Gox, but so far everything seems back to normal. I don't think there was any major confusion or mess among traders. But I do agree with bubble statement. The figures are indeed correct that Bitcoin won't be in any bubble atleast until $5 B marketcap.

[Urbanbypas]

Quite reasonable forecast. If speculators do not artificially fluctuate prices, then by the new year the cost of bitcoin will be 10k. And in 2018 the rate can double again.