[06/11/2018] Bull Call: Novogratz Says Bitcoin Will See Record Highs in 2019

[Lmaooo]

Mike Novogratz, the CEO of crypto investment firm Galaxy Digital, predicts that bitcoin will break out of its 2018 doldrums and soar to $20,000 in 2019 — fueled by a spike in institutional investments.

The former Goldman Sachs investment banker says institutional “FOMO” (fear of missing out) will drive the market up over the coming months as cryptocurrency assets gain more mainstream acceptance and traditional finance players take the leap into crypto.

Year-End Bitcoin Price Target: $8,800-$9,000
“Bitcoin has to take out $6,800, and after that we could end the year at $8,800 to 9,000,” Novogratz told Financial News.

    “By the end of the first quarter [of 2019], we will take out $10,000. And after that, we will go back to new highs — to $20,000 or more.”

This past summer was a bloodbath for cryptocurrencies, which were hamstrung by a slump the market could not shake since the beginning of the year. It was a humbling anti-climax for bitcoin, whose prices rocketed to almost $20,000 in December 2017.

Despite the recent downswing, the industry scored major street cred after Harvard, Yale, and Stanford University announced that their multi-billion-dollar endowments had invested in crypto. MIT, the University of North Carolina, and Dartmouth also jumped on the bandwagon, as CCN has reported. The combined endowments of the six universities top a staggering $108 billion.

CCN | https://www.ccn.com/bull-call-novogratz-says-bitcoin-will-see-record-highs-in-2019/

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[Argoo]

Finally, at least some good real forecasts. Some time on the news and predictions about the movement of cryptocurrency was complete calm. I would like, of course, that even this year Bitcoin would rise to $ 10,000, but this is not bad either. Especially slow and steady growth of Bitcoin over the course of the next year is very good.

[stomachgrowls]

Frankly speaking im tired with these so-called famous personalities price predictions.

soar to $20,000 in 2019 — fueled by a spike in institutional investments.

I dont know if this thing would happen.There would be still lots of debates when it comes to institutional funds to set in.

Year-End Bitcoin Price Target: $8,800-$9,000

Sounds realistic but would really be still hard for sure.

Finally, at least some good real forecasts. Some time on the news and predictions about the movement of cryptocurrency was complete calm. I would like, of course, that even this year Bitcoin would rise to $ 10,000, but this is not bad either. Especially slow and steady growth of Bitcoin over the course of the next year is very good.

Good forecast but this is just like a typical or ordinary day even of a simple speculator.

[xFiber]

Frankly speaking im tired with these so-called famous personalities price predictions.

And so am I. These predictions are not helping the space move forward in any way shape or form other than add to the speculation. I even believe he predicted bitcoin to hit 40k by the end of 2018 last year. So at this point it's anyone's guess what the price of bitcoin will be at the end of the year, and being a famous banker or politician doesn't make your prediction more likely to become reality.

[squatter]

Frankly speaking im tired with these so-called famous personalities price predictions.

We'll keep hearing from people like Mike Novogratz and Tom Lee because they are regular guests on the CNBC financial TV show circuit. I don't really think of them as "famous" -- more like talking heads. They get paid to talk about this stuff, and it's a chance for them to publicly hype their holdings.

[1BTC EQUALS 1CAR]

I'm sure that any bitcoin or crypto shiller traders like me can create a prediction like that. I've seen many threads here in the forum that looks exactly on what he stated above. This statements just makes people dumber when they get instant optimism when they read it.

[1Referee]

These predictions are not helping the space move forward in any way shape or form other than add to the speculation. I even believe he predicted bitcoin to hit 40k by the end of 2018 last year. So at this point it's anyone's guess what the price of bitcoin will be at the end of the year, and being a famous banker or politician doesn't make your prediction more likely to become reality.

These predictions at least show that there is no difference between the average speculator here and what some people consider the elite. They're all guessing their asses off, and they just keep going till they are right, which they eventually will be. The same applies to Arthur Hayes who constantly comes up with new price forecasts.

I have yet to see someone openly admit that he/she just doesn't know what's going to happen. But then again, these people are just not given any air time because news outlets are only out to either cover bullish or bearish narratives, which is what sells at the end of the day.

These predictions became more of an early morning laugh than something worth taking seriously.

[IconFirm]

Totally agree with all the comments here - I stopped reading any and all predictions by so called "eggspurts" a couple of years ago.

They don't know sh*t.

[gentlemand]

Finally, at least some good real forecasts.

You can plaster your bedroom with posters saying '$1 million' by next Wednesday. There ain't nothing stopping you. It's no more or less likely to be true than this.

Someone needs to come up with a spreadsheet matching the predictions of these talking heads with the real results. I presume it's going to be all over the shop.

[xFiber]

The same applies to Arthur Hayes who constantly comes up with new price forecasts.

But does the same actually apply to Arthur Hayes though? I might be wrong but we mustn't forget that Hayes is running one of the biggest crypto exchanges in the world right now. Therefore he could potentially be pushing his agenda and specifically for Bitmex that would be attracting high volume. Because if bitcoin goes up, he makes money, if the price goes down, he still makes money. For him it's more a matter of maintaining a high level of liquidity. Hayes is a very intelligent man, he's proved that over the past year so I feel like he knows what he's trying to do, in contrast to many others. That's also one of the reasons why I like to take his predictions with a serious grain of salt. 5 months ago (https://www.youtube.com/watch?v=2BRsq9hlBOQ) he was convinced that bitcoin would hit 50,000 USD by the end of the year and all of a sudden his prediction has gone down to 2,000 USD.

[BitHodler]

Totally agree with all the comments here - I stopped reading any and all predictions by so called "eggspurts" a couple of years ago.

They don't know sh*t.

The ones we're dealing with after 2017 are the worst of the worst, especially the YouTubers thinking to know what they are talking about while they are only rehashing Coindesk and other related sites.

Not sure if anyone here knows the crypto twins, but these dudes are the prime reflection of what this space looks like, a complete shit hole filled with idiots. People want mainstream adoption, now here it is in their face.

The worst thing is that it will only get worse the deeper we dig into mainstream adoption. Everything we go through right now makes the past look like it was a glorious time where utility still somewhat mattered.

[1Referee]

But does the same actually apply to Arthur Hayes though? I might be wrong but we mustn't forget that Hayes is running one of the biggest crypto exchanges in the world right now. Therefore he could potentially be pushing his agenda and specifically for Bitmex that would be attracting high volume. Because if bitcoin goes up, he makes money, if the price goes down, he still makes money. For him it's more a matter of maintaining a high level of liquidity. Hayes is a very intelligent man, he's proved that over the past year so I feel like he knows what he's trying to do, in contrast to many others. That's also one of the reasons why I like to take his predictions with a serious grain of salt. 5 months ago (https://www.youtube.com/watch?v=2BRsq9hlBOQ) he was convinced that bitcoin would hit 50,000 USD by the end of the year and all of a sudden his prediction has gone down to 2,000 USD.

Bitmex might be the biggest exchange in terms of volumes, but know that it's all leveraged. Arthur once said that the average leverage used was 8x but that may very be closer to 10-20x during the bear market. People need to boost their leverage multiplier in order to have their trades be worthwhile due to the lack of volatility.

Bitmex isn't a spot exchange either, so they aren't dealing with fiat. Unless he has contact with exchanges as Bitstamp, Coinbase, Kraken to know how much fiat is going in an out, he might be able to provide forecasts with more sense to them, but I'm not sure if he's on that level.

I'm not saying Arthur isn't smart, he just isn't in a position to provide valuable input on the direction of a market being driven by spot exchanges. Some of what he said in the past doesn't even make much sense, but yes, he might be out to just stirr the market up for the sake of bringing back the volumes and volatility his platform depends on.

[squatter]

The same applies to Arthur Hayes who constantly comes up with new price forecasts.

But does the same actually apply to Arthur Hayes though? I might be wrong but we mustn't forget that Hayes is running one of the biggest crypto exchanges in the world right now. Therefore he could potentially be pushing his agenda and specifically for Bitmex that would be attracting high volume.

I suppose on some level, everyone is pushing their own agenda, even if it's unintentional. Novogratz' fund has huge cryptocurrency holdings, so I'm sure he's biased in favor of his investments just like Hayes. Everyone is biased.

Interestingly, Hayes actually said recently that he expects trading volumes to continue declining:

Cryptocurrency trading volumes recently plunged to a new year low following the summer slump.

Hayes said volume could drop more in the coming months. “We think trading volumes could fall further from where they are now,” he said.

[mocker001]

I would have to agree with the guys here. As someone mentioned above, this just shows the difference between a prediction of an average joe and the supposed elite.

[gentlemand]

http://www.globenewswire.com/news-release/2018/11/06/1646103/0/en/The-World-Crypto-Con-Bitcoin-Bet-Heard-Round-the-Crypto-Verse-Vinny-Lingham-Bets-Ronnie-Moas-20K-USD-That-Bitcoin-Won-t-Hit-28K-USD-by-End-of-2019.html

At least these two have put real money on the line regarding their predictions, as more should do so if they're going to impose them on us. If you had to open your wallet every time you opened your gob you might get a bit more sense.

[rodskee]

Well people are expecting bitcoin are rising their price in 2018
After all this year 2018 all people are suffering a lot of loses
But still keep their faith and still believe bitcoin gives another bull run story in year 2019 to 2020

[cryptofonia]

Finally, at least some good real forecasts. Some time on the news and predictions about the movement of cryptocurrency was complete calm. I would like, of course, that even this year Bitcoin would rise to $ 10,000, but this is not bad either. Especially slow and steady growth of Bitcoin over the course of the next year is very good.

  $ 10,000 level of Bitcoin was already ssen in May at some Asian cryptocurrencies exchanges