After ‘Taking out’ $6,800, Bitcoin Will Hit ‘New Highs’ In 2019, Says Galaxy Dig

[chaabane2018]

Galaxy Digital CEO Michael Novogratz delivered a fresh bullish price prediction for Bitcoin (BTC) Nov. 5. Novogratz told U.K. business publication Financial News that the leading cryptocurrency could hit highs of “$20,000 or more” in 2019. Speaking to the publication, Novogratz, who is well known for his optimistic outlook for Bitcoin prices, forecast BTC/USD to end this year at around $8,900.

“Bitcoin has to take out $6,800, and after that we could end the year at $8,800-9,000,” he said.

The largest cryptocurrency has refrained from any marked movements up or down in recent weeks, instead revealing a streak of stability, which commentators such as Fundstrat Global Advisors analyst Tom Lee have hailed as a sign markets are maturing.

Next year, however, conditions should change markedly, says Novogratz, with institutional investors’ “FOMO” (‘fear of missing out’) causing a surge in prices.

“There’s going to be a case of institutional FOMO, just like there was in retail,” he continued.

That rush to invest should see Bitcoin “take out $10,000” by the end of Q1, from there continuing to break December 2017’s all-time highs and head to “$20,000 or more.”

Novogratz had previously made similar predictions last month, specifically targeting the first half of 2019 for institutional interest and a December 2018 Bitcoin price not higher than $9,000.

Lee also continues his buoyant outlook for Bitcoin in the short term, telling Cointelegraph in an interview that the coin was “preparing to break out

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[satosibtc1000]

I understand that it is not necessary to listen to the opinion of other people but I want to believe in it and I believe this analyst. My opinion is also inclined that the growth will be during 2019 -2020 to the next correction.

[CoinAcademyNL]

I don't really look into to many of what people say about the future prices, I rather look at what the market does & how the charts develop.

However this prediction isn't totally crazy saying that BTC will hit 50K+ within a few months without any Why's on it.

So this could very well be a pretty good prediction.

[Zin-Zang]

Galaxy Digital CEO Michael Novogratz delivered a fresh bullish price prediction for Bitcoin (BTC) Nov. 5. Novogratz told U.K. business publication Financial News that the leading cryptocurrency could hit highs of “$20,000 or more” in 2019. Speaking to the publication, Novogratz, who is well known for his optimistic outlook for Bitcoin prices, forecast BTC/USD to end this year at around $8,900.

“Bitcoin has to take out $6,800, and after that we could end the year at $8,800-9,000,” he said.

As him to sign a contract with you if btc does not meet his price prediction, he owes you $1000000 .
The you can watch him back pedal.
He won't put his money behind his words. 

[ChinkyEyes]

There are so many predictions by a lot of different people. I think your best bet is to take the average of all the predictions. Nobody knows accurately what the price will be. I just think once the price starts climbing the media will shoot it to the moon...

[coinwizard_]

There is stubborn resistance levels just below 7k which is keeping the price stable. For btc to rise it needs to break down those sell walls. After bakkt this will be easily achievable, and even more with etf approvals

[Herbys]

It is almost impossible to predict Bitcoin, because most of it is cost manipulation.

And these monipulations will continue until Bitcoin enters the financial market with certain paravils.

[marapundavela]

They could always speculate about the price of bitcoin, the problem now is bitcoin need to hit mainstream and go with the hype. It needs a strong catalyst to set new all time high's again, For long term it is achievable no doubt about it. But in 2019 there's a lot more to go for the next bull run.

[tomahawk9]

Is it me or there's been a lot of bullish predictions lately? I wonder if it has to do with the current (small) uptrend that started about a week ago.

And it seems like this CEO isn't taking any risks making his predictions, I think it's pretty obvious that the price will surge next year since it can't just stay in this stagnation phase forever. Also, I think we're gonna need the adoption to kick in if we want to see 20k again, I believe institutional money won't be enough to push the price up to those levels, we're gonna capital, dumb money, from the general public to reach those peaks again.

“Bitcoin has to take out $6,800, and after that we could end the year at $8,800-9,000,” he said.

IMO even if we hit 6.8k or even 7k, it'll still be difficult to see 9k without having a proper catalyst that can trigger such a massive increase. Perhaps if the bulls decide it is time for another btc rally, there could be some upward movement that causes a bit of FOMO pushing the price up, but still...9k doesn't look like a real target at the end of years, at least in my opinion.

[Baofeng]

Its Mike Novogratz again. Its pretty obvious that this guy has a lot of investments or have clients behind who's not happy with the current market trend. But he suddenly made a sort of U-turn with his predictions that bitcoin couldn't hit another 5 digits this year so I think its closer to reality. Instead of saying that about bull-run is on the horizon. Unless there's some catalyst to push the market, I'm only not seeing another good price at the end of the year and this sideways movement might be longer than expected.

[pooya87]

Is it me or there's been a lot of bullish predictions lately? I wonder if it has to do with the current (small) uptrend that started about a week ago.

it is exactly because of that but remember that there aren't actually more bullish predictions that ever! it is just that these "clickbait" news sites are moving with the market desperately trying to get more traffic to their shitty website. so when there is a small rise they start posting things that go with that small rise, that is the bullish predictions. most of them are not even predictions! if you ask the person they are quoting they will tell you that they have never said such things in most cases!!!
they do the same during drops too. they publish a lot of negative crap.

[biskitop]

opinion opinions about the price of bitcoin are always heard on various topics. yes, because there are many reasons for this, for example the efforts of bitcoin etf and investors who put their money into bitcoin investment. after that we also know what will happen, namely pump that will happen to bitcoin. even though it doesn't happen this year, next year will happen.

[ngm22585]

Novogratz knows what he's talking about.

[Kakmakr]

 Institutional investors can only enter the scene, if they are given a legal platform to do that. The regulating authorities are trying their best to block these institutional investors from investing in Bitcoin and Crypto currencies. I think they know if this is allowed, then less investment capital would be available to be invested in traditional commodities and assets that they are controlling. 

I think we should avoid predictions like this, until we see approvals of applications for platforms that would allow institutional investors to invest in Crypto currencies. My guess is that the Bitcoin price would hover between $6000 and $7000 for the rest of this year. 

[Pursuer]

in a way this is an obvious prediction for bitcoin. we all know that next year things will surely change and the rallies will eventually begin. most probably in early 2018 but what we don't know is when exactly and how big the first rise is going to be.
as for institutional investors, it seems to me that they are trying to advertise their own services and get those kind of investors in their own service not that they are actually predicting an increase!

[jseverson]

Institutional investors can only enter the scene, if they are given a legal platform to do that. The regulating authorities are trying their best to block these institutional investors from investing in Bitcoin and Crypto currencies. I think they know if this is allowed, then less investment capital would be available to be invested in traditional commodities and assets that they are controlling.  

Is this really true though? Nothing is stopping them from buying in directly. They don't necessary have to wait for approved derivatives, ETFs, and such. Genuinely asking.

But yeah, before everyone gets all excited:

Novogratz, known to his friends as “Novo,” estimates that he now has about 20 percent of his net worth in digital assets. In addition to cryptocurrencies, his family office has invested in bitcoin mining, trading platforms, initial coin offerings, pre-ICO sales and blockchain technology. He said Gemini, the exchange run by Cameron and Tyler Winkelvoss, is “one of our go-to places” in part because it has a New York State license to trade bitcoin and ether.

Novogratz has a lot to gain by shilling for crypto. Not saying he's shilling, but definitely take everything he says with a grain of salt.

[larrylegend33]

Speculations and manipulations.. Every new day we are having 100s of news about the bitcoin price. In last week i see many news that says the Bitcoin price will reach 10k by the end of 2018. I would never believe in these news, ever. Actually i am not trading and hodling the bitcoin anymore, i am in altcoins market, really fed up with anything about the bitcoin price..

[novokovskitve]

changes will be - it is precisely. only all constantly only and predict, and for some reason a situation not strongly joyful now.

[dmty.0809]

If that really happens, I will continue to hodl until 2019, maybe the end of this year is indeed up, and will there be many investors who are interested in bitcoin in 2019?

[Dexion]

that is positive predictions, but we never know how about of active trading volume for reaching a bullish point.

During the correction, we only speculate in unclear market volatility. and that is not our goal, I chose to focus on trading or investing.

I see, the end of this year bitcoin will end at $ 7K. and will not reach $ 8900 or $ 9000.