Bitcoin won't top $9,000 by year's end, Novogratz says

[bbc.reporter]

What happened? Have the bitcoin bulls turned into cows? hehehe

Also, I predict that Tom Lee will also announce the same statement as Mike Novogratz's. There is nothing wrong in making mistakes, but the public already knew that it was a mistake before he could admit it. That is a good example of the mentality of a bagholder.



Former Fortress hedge-fund manager Michael Novogratz doesn't see much chance of bitcoin breaking out of its current slump.

"I don't think it breaks $9,000 this year," Novogratz said on stage at the Economist Finance Disrupted event in Manhattan Tuesday.

Novogratz, who predicted last year that the cryptocurrency could swell to $40,000 in 2018, said it will take until the first two quarters of next year for bitcoin to move above $10,000.

Read in full https://www.cnbc.com/2018/10/03/bitcoin-wont-top-9000-by-years-end-former-hedge-fund-legend-novogratz-says.html

[davis196]

Bitcoin will stay at 6000 USD,if everybody believes that it will stay at 6000 USD.
Bitcoin will go to the moon(or at least to a new ATH),if everyone believes it will go.
It's a self-fulfilling prophecy.People like Novogratz and Tom Lee are the one-eyed in a kingdom of the blind.
Their opinions influence a lot of people,but I think that they just follow the price trend,so they are just a part of the crowd.

[mike4001_]

Lol @the yellow marked sentence.

When Bitcoin jumped from 10k to 15k in 3 days I would also predict 40k

No we are between 6-7k to lets just "predict" 9k because ... yes, that could happen without much going on.

[onrise]

Lol @the yellow marked sentence.

When Bitcoin jumped from 10k to 15k in 3 days I would also predict 40k

No we are between 6-7k to lets just "predict" 9k because ... yes, that could happen without much going on.

It is a highly volatile market and last quarter will generally give you the best of the return when concerned over the price. We forsee a high opportunity in coming time and easily crossing 10k + in just coming time and by year end we may even see it above 15k if things go smooth and just get some positive news from any part of the world.

[bitbunnny]

I have to say I agree.
It's true, Bitcoin price can change very quickly but current situation on the market isn't showing tendencies for some high jump.
Many are hoping that end of the year will bring some big positive price correction but as months are passing by this isn't looking very likely to happen. Still I think Bitcoin might cross 8000$ in December.

[Question123]

Maybe it will have chance to happen. If the bitcoin still not increasing because we expected the price become like 20k dollars more than . But there is also a chance the price increase only a little if they have still panic selling of the bitcoin . But I hope price will see even 10k dollars is enough for me.

[gentlemand]

Can't say I see much upside for now. I think we've already had the highest prices we'll see this year. From now on it's probably boring sideways and a bit of down. I'm still wondering whether this is treading water before some scary falls or things are too gummy to let them go much further down.

It feels a bit too straightforward for the bottom to have already been and gone but maybe that's 2014/15 PTSD talking.

Either way I'd agree with him saying it'll be well into next year before something more promising happens, if at all.

[bintangkejoraku]

at least this thread is better than people who say that the price of bitcoin will reach $ 50k or even $ 1 million by the end of the year. but I expect a little higher than you say, maybe $ 10k.

[Yaunfitda]

At least we see some glimpse on how this investors are really is. They started to be bullish however, they saw that the market won't really make a significant headway towards a new all-time-high so its about time to face the reality.

Newbies should learn from this so called perma bulls that sometimes its best to hoist the whiteflag and try to be flexible and make some adjustments and go back to the trading boards again.

[buwaytress]

I doubt this is a good example. These guys are not bagholders. They're speculators, just from the frequency they run off their mouths and spew predictions depending on the ebb and flow of the tide of sentiment. Also, permabulls can still make low guesses anyway, they're perma, not short-termers.

But hell, 9k not possible in the entire three months left we have of the year? What a timid estimate, anyone of us here could have pulled that out of our asses. Might as well have gone daring and say we won't be testing 8k.

Either way, happy to gain more when everyone else wants to sell!

[Javi_Anibarro]

I doubt this is a good example. These guys are not bagholders. They're speculators, just from the frequency they run off their mouths and spew predictions depending on the ebb and flow of the tide of sentiment. Also, permabulls can still make low guesses anyway, they're perma, not short-termers.

But hell, 9k not possible in the entire three months left we have of the year? What a timid estimate, anyone of us here could have pulled that out of our asses. Might as well have gone daring and say we won't be testing 8k.

Either way, happy to gain more when everyone else wants to sell!

It was not a timid speculation but instead it was a speculation that was created based on our current movement and market.
We as a trader always think rationally, we never made a judgement based on whatever do we want to hear instead we are making a speculation based on the possibility, currently we can see the price is starting to climb up and at the same time the bears is losing their power. But it does not mean that it will break its ATH again,because a lot of people felt afraid of it and do not want to get caught of it again.
Last year we pushed it to $20.000 and right now we are in $6000,how much money that they have lost if they were buying it at $20.000 ? this thing called being smart instead of timid.

[CryptoAssasin]

For a well known personality like Michael Novogratz, it will be easy for them to manipulate an investors way of thinking and make them believe that bitcoin will fold its price up to $40,000. Those are all predictions based on what they are seeing with investors approach and everybody could do that right? Those predictions could happen or not and it is normal to make a wrong or right predictions. As for his belief that bitcoin might not cross $9,000, I somehow believe that statement because of this long bear market. Who knows right? They always predicting last quarter of the year is a bull run for cryptocurrency.

[hahay]

I agree with that reason, because it seems that it is unlikely that the market will recover with a short time after its deep decline. Many expect bitcoin to rise again at the end of the year, I personally don't. If I hope for that, then I think it's the same as an insane person if there will be a big increase at the end of the year. Somehow I feel it takes longer for bitcoin to skyrocket again.

[YuginKadoya]

Like what I had expected with a man that has been ranked a billionaire by Forbes in 2007 and 2008, As for the price we might see the highest price we can attain this year by end of October and bitcoin can likely to tripped down again and the $9000 mark price is much higher I suspected the price to be an unlikely a price that he might accustomed bitcoin to be at the end of this year, Ora price that he would likely bitcoin to attain at the end of this year, But at the end of this year and the next year bitcoin will sure stay in the bearish mode.

[peter0425]

I doubt this is a good example. These guys are not bagholders. They're speculators, just from the frequency they run off their mouths and spew predictions depending on the ebb and flow of the tide of sentiment. Also, permabulls can still make low guesses anyway, they're perma, not short-termers.

But hell, 9k not possible in the entire three months left we have of the year? What a timid estimate, anyone of us here could have pulled that out of our asses. Might as well have gone daring and say we won't be testing 8k.

Either way, happy to gain more when everyone else wants to sell!

I agree. $9k estimate is still far fetched in my opinion. We even struggled to get past $7k and hold so it likely that he still pushes for a price that it is still good and make money out of it. His more of a media influencer, similar to the mold of John McAfee. Anyways, I'm pretty sure that he will spew more predictions in the coming months and say 'I told you so', if ever that $9k price is reach and every crypto outlet will sensationalized and say's Mike N. is correct again. Lmao.

[withlove99]

I see he said quite right
I think it can't even breaks $8,000 this year, We must look at the fact that investors are currently loosing confidence in the market

[exstasie]

Can't say I see much upside for now. I think we've already had the highest prices we'll see this year. From now on it's probably boring sideways and a bit of down. I'm still wondering whether this is treading water before some scary falls or things are too gummy to let them go much further down.

A couple months ago, I felt the same way. At this point, the sideways has gone on far too long to fit any conventional bearish pattern. Shorters must be exhausted after getting rejected every damn time for months. Sentiment has been so bearish, yet price refuses to fall, even when we made a lower low in June.

I'm still open to the bear case, but less so than earlier in the year.

It feels a bit too straightforward for the bottom to have already been and gone but maybe that's 2014/15 PTSD talking.

Either way I'd agree with him saying it'll be well into next year before something more promising happens, if at all.

I remember feeling the same way in the summer of 2013.

Even if we break up from here, that doesn't spell new ATH to me. It could easily be part of a larger sideways range.

[1Referee]

$9k estimate is still far fetched in my opinion. We even struggled to get past $7k and hold so it likely that he still pushes for a price that it is still good and make money out of it.

It looks like that right now, but just one spark is enough to turn this market into bull mode.

People go with the flow of the market. Last year around the prime days of the bull run most of the people here were so full of themselves, that they genuinely thought the price would hit $30-$40,000 in 2018. It didn't. Currently the bearish sentiment has the same effect on people, but then in the opposite direction.

I don't believe we'll see significantly higher levels this year, but a breakout facing north is definitely a possibility. It could peak at $8000 or $9000 who knows, but we'll break the $7000 level in the coming weeks, and when that happens, people will gain back some confidence.

[Torque]

In other news, water is wet.

And Tom and Vinny have no fucking clue either.

[bbc.reporter]

I doubt this is a good example. These guys are not bagholders. They're speculators, just from the frequency they run off their mouths and spew predictions depending on the ebb and flow of the tide of sentiment. Also, permabulls can still make low guesses anyway, they're perma, not short-termers.

But hell, 9k not possible in the entire three months left we have of the year? What a timid estimate, anyone of us here could have pulled that out of our asses. Might as well have gone daring and say we won't be testing 8k.

Either way, happy to gain more when everyone else wants to sell!

I did not say they are bagholders. I said not admitting to a mistake when everyone have already seen that it was a mistake is a good example of the mentality of a bagholder.

Also, ok maybe it is not about the bagholder's mentality, but the negative emotions from bagholding that are having an effect on the bagholder's mentality hehehe.