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

[justspare]

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).

Well, it is a normal thing to see demand stagnated during periods like this when market is moving sideways, as there is uncertainty, check to see the level at which volume has dropped and apparently, most people are just waiting on the sidelines to see where the market will get to break out to.

At this moment, the bulls will need to make some real good statement to be able to see participation at this moment. Nonetheless, like you said, all this is just a wild guess and if bitcoin peradventure surpasses $9k, I am sure he will come up with another excuse like he did, with his previous predictions. Sure, I won't expect too much for this year, but at least, we can be hopeful.

[yndye]

Well, it is a normal thing to see demand stagnated during periods like this when market is moving sideways, as there is uncertainty, check to see the level at which volume has dropped and apparently, most people are just waiting on the sidelines to see where the market will get to break out to.

Well, it is still too early to say that bitcoin would not be able to reach $9k by year end because if those who hold large amount of funds would decide to pump the market and encourage those retail traders to buy then they can do it. They just have to release some news, trigger the orders and then we can see an upside movement. It may just even take just a few days to double the price as it is now. We already saw the parabolic movement last year and it may happen again.

[Clavulanic]

Well, it is a normal thing to see demand stagnated during periods like this when market is moving sideways, as there is uncertainty, check to see the level at which volume has dropped and apparently, most people are just waiting on the sidelines to see where the market will get to break out to.

Well, it is still too early to say that bitcoin would not be able to reach $9k by year end because if those who hold large amount of funds would decide to pump the market and encourage those retail traders to buy then they can do it. They just have to release some news, trigger the orders and then we can see an upside movement. It may just even take just a few days to double the price as it is now. We already saw the parabolic movement last year and it may happen again.

I can argue more to every opinions that has came out here mate, and we should respect what visions they had. You're right that it's too early to say final conclusions because bitcoin has an unpredictable behavior, so just stay cool and calm. Let's see what will happen with bitcoin until the end of this year, and hopefully the whales will show up in order to help the price pump until bull run will happen unexpectedly.

[piebeyb]

if the price of bitcoin was $ 666 before, you might see that now they look comfortable and intimate at $ 6666, whatever that makes the price go to that number and last for a long time maybe $ 66666, I will wait for that moment to really come but not in the year this

[carlisle1]

Well no one can predict what will be the price as this are all speculative and nothing assured anyone

Though even if this indeed still we are hopeful that we can atleast touched the $10,000 by year end or if lucky then maybe higher

We all know how hard crypto market recovered this year but lets stay holding guys keep the Faith

[ibanezed]

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.

It's impossible basically. It will rather grow up in price.

[Slow death]

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.

It's possible that he does it because he will not want to stay behind

There is nothing wrong in making mistakes, but the public already knew that it was a mistake before he could admit it.

these guys (analysts) spent last year making high price forecasts and today they are hiding from so much shame

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

it is necessary to see if he is saying this because he is disappointed or because he actually did some technical analysis is concluded that the price will not be more than $ 9000 this year. My opinion is that there are many chances of not reaching $ 10,000 this year

[Lanatsa]

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.

This do simply proves out that no man would able to know on what would be exactly the price going specially on crypto were prices are way too unpredictable which it do mainly base on demand and adoption.
We have seen this bearish market almost a year and counting. 9k usd price would really be more realistic or considerable. Shit and mistake happens and its good he do admit it.

[figmentofmyass]

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

the funds are frozen by whom? whose conditions are these?

you bring up a good point about the active wallets. there was a lot of talk a few months back about incoming management/ownership changes. i also figured there was the possibility that WEX had somehow lost control over its cold storage in a failed transfer of ownership (ie they were robbed). in that case, i figure USDT and ZEC (and XMR?) withdrawals still work because the admins still have control over those wallets.

[timerland]

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.

Lmao. Who would have thought that his prediction would turn out like this?

But in all seriousness, I think that you're completely right in saying that everyone already knew his prediction was simply some sort of publicity stunt that is completely unrealistic, before his prediction was even edited to be a bearish one.

I honestly don't think that anyone with even slight experience in speculation now would take these 'mainstream' speculators word for it especially without any form of TA to back it up.

[prtty2gal2]

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.

It is normal to see things like this happen. A lot of them will always want to come up with statements based on the situation at hand and the funniest part is that they always get to come back to look for something to cover it all up.

Nevertheless, I feel they are still not learning their lessons, as no one can actually tell what tomorrow holds, we all do not know things that may end up changing fundamentally tomorrow and coming out to say bitcoin won't top $9k is an affirmative statement which only someone who could see the future will be able to tell and the last time I checked, Novogratz is not God.

[thefaucetrunner]

after observing bitcoin's price from the end of Q1 this year until now, i think we should agree with his prediction about bitcoin price will not reach $9000 by the end of 2018. it will be good for bitcoin to stay above $6000 until the end of 2018 because we have no big positive news to make bitcoin price pumped to reach all high time price anymore like what happened in the early 2018. so patience is still needed to hold our bitcoin investment, and i will tend to wait for recovery time to come.

[gonzadz77]

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.

I don't believe because bitcoin is volatile and anything can be happen. It can be up at any time decreasing price is not only bitcoin nature but stock market and alt too involve with it.

[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

the funds are frozen by whom? whose conditions are these?

you bring up a good point about the active wallets. there was a lot of talk a few months back about incoming management/ownership changes. i also figured there was the possibility that WEX had somehow lost control over its cold storage in a failed transfer of ownership (ie they were robbed). in that case, i figure USDT and ZEC (and XMR?) withdrawals still work because the admins still have control over those wallets.

It is just a rumor that surfaced somewhere

Maybe, in the exchange's trollbox itself. The rumor has it there is a transfer of ownership still in process (now obviously frozen), and one of its conditions is linked to freeing Vinnik, i.e. until Vinnik is not extradited to Russia (and he is not yet as far as I know), the keys from some cold wallets, or even all cold wallets, won't be transferred. Then it makes sense not to shut down exchange right now while there is still hope for Vinnik to get back home as well as enough liquidity at the exchange to support its operation and withdrawal of some coins. Also, fiat withdrawals to Yandex.Money were not disabled either for some time, though you would be losing like 70% of the money transferred when this withdrawal channel was last available

[andycarrol]

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.

bitcoin price a few months is very stable in the range of 6-7k, I see this year is still likely to be stable in the range of 6-7k, but to reach 9k until the end of year I thought it was very possible, because we will soon get the positive news about ETF, I think when was approved, 8-9k very likely reached.

[plescruslo]

In other news, water is wet.

And Tom and Vinny have no fucking clue either.

The given price limit is quite reasonable and I think it is possible to hit this limit. There is no big difference between the current price and $9000. If little bit push will get bitcoin to this price. There are a couple of months in this year and I am sure that the price will grow in the remaining time in this year. Water is wet and crypto is digital usable currency in the future.

[bitcoinrays]

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.

The only reason for the drop of price is manipulation. Does anybody can tell why the price skied in the previous year? Not because the increasing demand for bitcoin but due to whales in the market. Then when the price downed to its original condition, investors started mourning. That was the terrible moment for bitcoin and the effects are still in the entire crypto market. 

[adaseb]

First of all you should never take anything seriously that these so called Crypto expert are saying. He also said at the beginning of 2018 that BTC wouldn't go lower than $8K and we broke $6K a few times.

Also don't forget that its almost the end of the year anyways. Basically October is almost half done and after that there are only 2 more months left.

So its possible that in late Nov-Dec we might get a crazy rally like last year but its also possible that we will trade sideways or downwards for the rest of the year.

[Small_Man_Big_Thoughts]

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.

It depends on demand. If the demand for bitcoin rises the price will also rise. The current situation of the market is dump and not allowing the price to go up. Speculators just give their opinions about the coming price, but I totally agree that if more and more people invest in bitcoin, the price will go up and we will see hitting $9000 price till the end of this year.

[bbc.reporter]

@adaseb. You only say that today, in a bear market, but if the experts are right in their bullish predictions in a bull market, we catch ourselves believing in their hype hehehe.