Mike Novograz: Bitcoin growth still needs to wait a few months

[Destroyeroff98]

Do you also hope that the words of Michael Novograz are true?

[rdbase]

I dont follow this individual but he does make an impact whenever he talks in the cryptospace.
I am sure this tweet will carry some truth for those who do follow him for his predictions.
Ofcourse there are many things which are known to bring the price back up in a few months.
So this is sort of like what you would get by going to a fortune teller at a carnival.

[Destroyeroff98]

I dont follow this individual but he does make an impact whenever he talks in the cryptospace.
I am sure this tweet will carry some truth for those who do follow him for his predictions.
Ofcourse there are many things which are known to bring the price back up in a few months.
So this is sort of like what you would get by going to a fortune teller at a carnival.

You're right. But this is only his subjective opinion.

[mk4]

"Don't think we head north for at least a few more months". Heck, my rough guess is that we're going sideways for more than a year. Price stagnancy for more than a year has happened in the past, and personally, I'm really positive that it's going to happen again this year. Again though, just a guess; so don't take my word for it.

With that said, let's stop focusing too much on the price please.

Link to the tweet by the way: https://twitter.com/novogratz/status/1091353131869503488

[bitfocus]

This guy is a successful crypto influencer and a lot of people follows him. And about the Few Months thing - I'm not sure, it could be much more nearer, it could be far as years - no one can't say it for sure, not even Mike.

[tomahawk9]

This guy has always been bullish about crypto, not surprising he's saying this amidst the boring phase (stagnation) of the crypto market.

But I also think the next big upward movement will come thanks to financial institutions finally entering the crypto space in full force and start pouring capital into the ecosystem, IMO it's one of the few catalysts that can trigger a massive surge in prices in the short-term (long-term would be adoption).

[Xardasim]

I do not think he said anything different. Like others he says that today is not the right time. The cryptocurrency estimate is unknown as they are knowledgeable. Perhaps from the fundamental analysis they come this conclusion, which is worse. I doubt about the accuracy of analysis that is said by ''anyone''. I began to understand this after the analysis that when the price reached ATH.

[qtronix]

He is quite an influential man, but I agree that his words are only his subjective opinion. I think that bitcoin recovery may take about a year. However, this is also my subjective opinion. We'll never know for sure, we'll have to wait to check it out.

[bellamente]

I think his forecast may not be justified. Bitcoin will have to grow to $ 10,000, otherwise miners will go to other coins.
This can be a death for bitcoin

[figmentofmyass]

i'll emphasize that he said at least a few more months. i'd agree with that. he's also right to point out that institutions move really slow. they accumulate over years with incredible patience that bitcoiners probably have trouble fathoming. that's one of the pitfalls of all the focus on bakkt and other regulated instruments.

[Torque]

He hasn't tweeted because that asshole was calling 'bottom' at $9K, then $8K, then $6K. All the while shorting the market.

When Novogratz is calling bottoms, SELL.

[figmentofmyass]

He hasn't tweeted because that asshole was calling 'bottom' at $9K, then $8K, then $6K. All the while shorting the market.

When Novogratz is calling bottoms, SELL.

that's a tempting theory but i doubt it. if he were hedging that effectively, his hedge fund (galaxy) wouldn't have reported losses of $136 million for the first three quarters of 2018.

i think he's just got a stock market mentality like tom lee. he was used to way more modest % losses during bear markets.

[jossiel]

I don't believe him anymore, I've heard something that his company is also experiencing bad days. Though everyone believes that bitcoin is about to grow again soon. And now we've been into that idea about the 'institutional' adoption.

Which makes everyone excites but they keep on delaying it as for the market to be manipulated for awhile to gain favor to them. He may be right or wrong but I always do believe that bitcoin will grow, it's just a matter of time.

[exstasie]

Let's dissect this. In my book, Mike Novogratz is a contrarian indicator (whatever he says, the opposite happens). He says he's still "very confident" that institutions are entering and the market will reverse. That confidence hasn't exactly paid off in the past.

But if he's saying we're not going up for a few months, maybe we're about to pump.....

[wuvdoll]

The fact that institutions move slower than individuals is quite correct. Think about it, when you want to buy bitcoin and decided that saving bitcoin aside is a good idea what do you do ? You just send your money to an exchange and they deposit it to your account and you buy bitcoin. That's it, that is all you have to do.

Look at all the big places tough, it requires a bunch of meetings, a lot of emails send and received, a lot of research, a lot of talks with governments and lawyers and so forth to see how it works. It basically takes a week to even decide which direction they will take. Not to consider the government branches, the laws, the senate, the SEC and all that takes even longer, months to decide something. Hence, bitcoin is really moving forward, just slowly.

[Destroyeroff98]

I don't believe him anymore, I've heard something that his company is also experiencing bad days. Though everyone believes that bitcoin is about to grow again soon. And now we've been into that idea about the 'institutional' adoption.

Which makes everyone excites but they keep on delaying it as for the market to be manipulated for awhile to gain favor to them. He may be right or wrong but I always do believe that bitcoin will grow, it's just a matter of time.

It is your decision to believe him or not. But nevertheless he has already earned some reputation.

[jossiel]

I don't believe him anymore, I've heard something that his company is also experiencing bad days. Though everyone believes that bitcoin is about to grow again soon. And now we've been into that idea about the 'institutional' adoption.

Which makes everyone excites but they keep on delaying it as for the market to be manipulated for awhile to gain favor to them. He may be right or wrong but I always do believe that bitcoin will grow, it's just a matter of time.

It is your decision to believe him or not. But nevertheless he has already earned some reputation.

Yep that's my point and it's already given that he has the reputation earned along with his career but that's just me.

Though we're both bullish to bitcoin.

[Thanasis]

In general everything takes time because the market needs to be recovered then only needs to be bumped but in crypto currency market anything may happen so just believe your instinct and then do based on it then only you can be one of the crypto millionaire following others will simply let you to be under their manipulation forever.

[Lucius]

I think that Mike did not say anything incorrectly or correctly, or something that each little better informed user know today. It is quite logical that the price will not increase at the beginning of the year as was generally the case in previous years. So if not in first six months, then maybe in second half of the year - fairly simple and logical.

I personally do not like such short-term forecasts, they are only for people who want quick profit, and they mostly do not care for the future of BTC. We should focus more on some long-term prediction, similar to what some institutions do by planing for next 5-10 years, and not only what will be in next few months.

For people who like to read some long-term predictions this can be very interesting article :

8 long-term Bitcoin price predictions by experts

[1Referee]

Bitcoin growth still needs to wait a few more months. There is definitely a possibility that when we're six months away from now, the same might still apply. 

I like how Tim Draper sticks with his main long term prediction and doesn't bother with the short term market, which is purely a casino with how no one knows what will happen.

Important aspect of a market is that when people wait for something to happen, it mostly won't happen, because they're in already. If that's the case with current market, it may very well be that we're still due for one heck of a brutal shake-off. The market has been extremely generous with people when it comes to allowing them to buy at current levels, and traditionally, markets aren't that generous.