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

[xfaqs01]

i hope there is a twist on that story like what happend the the pump most predicted it to10k and at 10k most predicted ot at 15 k but then is goes up to almost 20k, now they predicted 9k there must be story behind it, im excited on the twist LoL.

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[figmentofmyass]

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.

good---this type of humble sentiment is required for any sustained market bottom. i'm glad we're seeing more and more of the permabulls become increasingly neutral. now if only they'd become bears.

the bagholders either need to liquidate or settle down and hodl for the winter. it'll take time for strong hands to overtake the market again. even if this long term triangle breaks upwards, there's lots of bagholders who will be selling into any uptrend.

[Pursuer]

one of the characteristics of bitcoin price rises has always been that it doesn't need a big announcement prior to the rise! it just happens and we can end up seeing the $9000 prices by the end of this week as the manipulative pressure by the accumulators lifts. otherwise this pressure stays until the accumulated forces against it  become so big that it can not contain them anymore. in which case we can see a shoot up to $9k. in any case saying it won't happen this year is as bad a guess as those others saying it will reach $50k, etc.

[deisik]

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.

I definitely agree with this Novogratz dude

Unless something out of the ordinary happens (a white swan of sorts), it is unlikely for Bitcoin to cross the $10,000 level this year. I would be happy to accept being wrong on this prediction but anyone who followed Bitcoin prices for at least a year understands that there is a huge resistance at around that mark specifically. Many people feel frustrated at Bitcoin "underperformance" as they are now waiting indignantly and impatiently when they can sell at breakeven and get done with crypto for good (at least, they are thinking so). I'm double-quoting the term since personally, I think that stable prices do more good than bad for Bitcoin in the long run as it helps foster and promote its currency aspect as opposed to a purely speculative one. But we should not discard the fact that prices in the range of 10k-12k were expected to be the ultimate bottom after the "correction" earlier this year (which was triggered off in late December, 2017), but as it often happens the majority were proven wrong all over again. Almost no one took my warnings seriously back in the day (note the dates):

With higher bitcoin prices, it could be a good practice to look at percentage shifts rather than quantity of dollars or other btc might be exchanged for. While the dollar amount of price shifts increases as bitcoin's price rises higher, the percentage rates of price shifts appears to be stabilising. Bitcoin is becoming less volatile over time, in terms of percentage shifts, as it becomes a more known phenomena and things like forks are better known and understood with a prior historical precedent.

Bitcoin is not becoming less volatile

Why do you people not read the OP? I mentioned there that Bitcoin is going even more volatile as the price rises. And yes, I mean relative changes, I think in relative changes if you please, i.e. changes in percentages specifically. I've even given an example above which proves that. Now we just need Bitcoin to go down as low as 6-7k dollars to prove me right. Or we could at first surge as high as 25k and then fall back to 10k dollars. This is not because of external factors affecting Bitcoin (though they certainly do). This is due to Bitcoin limited supply and the inverse relationship between Bitcoin supply and its price, most of the time

And they are now paying for their ignorance and out of hand dismissal of my point

[talkbitcoin]

i am always happier when i hear people have given up on bitcoin and are skeptical about the price rise such as some of the comments we keep seeing on this board. because it is a good signal for a close by rise.

historically speaking all the big rises have always began after people gave up on bitcoin like the 2013 one that people love to quote this year. it ended with price at the bottom not going any lower and people being skeptical of the rise.

logically speaking it signals the end of bag holding newbies in the market with weak hands who will sell on the small recoveries preventing the rise to take place and also the stability itself shows the accumulation phase going on.

[kentrolla]

i hope there is a twist on that story like what happend the the pump most predicted it to10k and at 10k most predicted ot at 15 k but then is goes up to almost 20k, now they predicted 9k there must be story behind it, im excited on the twist LoL.

If there is a twist then everyone will be happy to have their money multiplied,. But offlate bitcoin.has gained stability and it will be great even if bitcooin crosses $8000 mark because it would be growth with stability instead of sudden rise and then down to basic.This year will be most crucial so let's wait and watch what happens and then find a way to make profit out of it.

[gabmen]

i hope there is a twist on that story like what happend the the pump most predicted it to10k and at 10k most predicted ot at 15 k but then is goes up to almost 20k, now they predicted 9k there must be story behind it, im excited on the twist LoL.

If there is a twist then everyone will be happy to have their money multiplied,. But offlate bitcoin.has gained stability and it will be great even if bitcooin crosses $8000 mark because it would be growth with stability instead of sudden rise and then down to basic.This year will be most crucial so let's wait and watch what happens and then find a way to make profit out of it.

Well a twist can go either way, positive or negative. I just hope we get a positive one since a lot really are expecting the market to end the year on a strong note. It would be disastrous if the opposite happened to be the twist you've talked about.

[bbc.reporter]

i hope there is a twist on that story like what happend the the pump most predicted it to10k and at 10k most predicted ot at 15 k but then is goes up to almost 20k, now they predicted 9k there must be story behind it, im excited on the twist LoL.

Agreed! A twist would really make it appear that they no nothing. But the twist should wait until Tom Lee first declares that he is giving up on his $20k by end of 2018 prediction hehehe.

[bryant.coleman]

The demand seems to have stagnated. So I would agree with what he says. There seems to be an over-supply of Bitcoin in the exchanges, and I don't know from where this is coming. A possible explanation is that Alexander Vinnik (or his friends) are dumping the stolen Mt Gox coins (a wild guess).

[figmentofmyass]

The demand seems to have stagnated. So I would agree with what he says. There seems to be an over-supply of Bitcoin in the exchanges, and I don't know from where this is coming. A possible explanation is that Alexander Vinnik (or his friends) are dumping the stolen Mt Gox coins (a wild guess).

nah, the stolen gox coins were laundered through btc-e years ago. they've long been distributed back into the ecosystem.

but it's interesting you mention vinnik, and i do think there's a connection. btc-e relaunched as wex.nz last year. a few months ago, they suddenly stopped honoring withdrawal requests for BTC and other major currencies. the site is still up, but the situation hasn't changed.

i haven't verified myself, but i read about some blockchain analysis that points to a lot of their cold storage being emptied. my russian friend says the consensus is that wex shut down withdrawals and diverted customer funds to support vinnik's defense and eventual extradition to russia (rather than the USA).

that would certainly involve dumping some coins on the market!

[Mr.grin]

i hope there is a twist on that story like what happend the the pump most predicted it to10k and at 10k most predicted ot at 15 k but then is goes up to almost 20k, now they predicted 9k there must be story behind it, im excited on the twist LoL.

Agreed! A twist would really make it appear that they no nothing. But the twist should wait until Tom Lee first declares that he is giving up on his $20k by end of 2018 prediction hehehe.

and I think that prediction is very difficult to achieve. we clearly know so many obstacles to bitcoin this year. I might think the same as the price of bitcoin will not be more than $ 9,000 by the end of the year. but, this is only limited to predictions, it could be that the price of bitcoin is above $ 9,000 at the end of the year.

[Idrisu]

I believe time will tell if bitcoin is going to top $9000 this year or not but I think it will top especially now that we are hearing alot of good news and we are coming to the close of the year when cryptocurrencies activities do increase.

[Rejevunator]

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.

https://fm.c[Suspicious link removed]m/applications/c[Suspicious link removed]m/resources/img/editorial/2017/12/05/104880726-20171205-7818-2526.530x298.jpg

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.c[Suspicious link removed]m/2018/10/03/bitcoin-wont-top-9000-by-years-end-former-hedge-fund-legend-novogratz-says.html

I think its true that bitcoin can not reach such price this year. Since i watching the chart regularly which is decrease everyday.

[deisik]

but it's interesting you mention vinnik, and i do think there's a connection. btc-e relaunched as wex.nz last year. a few months ago, they suddenly stopped honoring withdrawal requests for BTC and other major currencies. the site is still up, but the situation hasn't changed.

i haven't verified myself, but i read about some blockchain analysis that points to a lot of their cold storage being emptied. my russian friend says the consensus is that wex shut down withdrawals and diverted customer funds to support vinnik's defense and eventual extradition to russia (rather than the USA).

that would certainly involve dumping some coins on the market!

There is another possibility

Note that I don't discard yours (just in case, I'm familiar with it too) as being wrong or whatever as I don't know for sure myself what's going on with WEX right now. There is another explanation though, which seems more plausible to me personally. It is rumored that WEX funds are frozen for the time being and will remain so until Vinnik is sent back to Mother Russia. That was a condition set forth in order to release the funds, and until and unless Vinnik is freed, which will happen as soon as he gets off the plane in Moscow (or elsewhere in Russia), things are not going to change for the better. That also explains why you can still withdraw money from WEX using Tether or ZCash (though having to pay insane premiums), i.e. it doesn't look like there is no money left

[kevpantof]

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

Well he might be just right. This is bitcoin we are talking about so we may never see 9k this year or maybe it will be 9k tomorrow we will never know but the most likely bet would be the price staying under 9k during the last months of 2018.

The price however has been stable for a while now, even tho people keep thinking we are in a bear market I believe on contrary we are in a "bull" like market where the price is not going down. Price not going down any further is a great news for us, if the price kept so high for so long it means it should be going up from here because that's the only direction left for it to go.

[messito]

I hope that in 2018, Bitcoin will cost over 10k dollars and we will be able to enjoy the bull run and make good money on it

[BigTeeths]

You can really distinguished the real and fake supporters. I still believe that bitcoin can exceed $20k this December because how could bitcoins stayed in the $6k mark for many months? The normal movement of bitcoin is only either of the two; slow or fast rise between months or slow or fast fall between months.

[Ararbermas]

 It's just a prediction which not 100% sure,  because market nowadays is so difficult to determine where to go due to some causes that always exist in the market ,reason why bitcoin always changing direction time on time. Which is in my opinion if you are a true holder you must take all the risk no matter what happen in year end but always bear in mind to put more patience and keep HOLDING because there's always a second chance to obtain huge profits on it,  avoid being greedy long term is always good idea. !

[Commotheon]

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.

https://fm.c[Suspicious link removed]m/applications/c[Suspicious link removed]m/resources/img/editorial/2017/12/05/104880726-20171205-7818-2526.530x298.jpg

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.c[Suspicious link removed]m/2018/10/03/bitcoin-wont-top-9000-by-years-end-former-hedge-fund-legend-novogratz-says.html

This year can be called worst year in bitcoin's history where every person is lifting there interest with bitcoins and choosing other crypto currency. For me bitcoin can be stuck at $6,000 i don't think it can go below it.

[welchmgra]

I believe time will tell if bitcoin is going to top $9000 this year or not but I think it will top especially now that we are hearing alot of good news and we are coming to the close of the year when cryptocurrencies activities do increase.

Today the price is about $6600 and I think it is good if there is no more correction in the price again. If the price gradually increases like the one today, it will definitely cross $9000 till the end of this year. There is no big gap in the current price and that of $9000. We should wait and see the end of the year. Hope that the end will be better than that of today.