Bitcoin bull Novogratz sees new records for Bitcoin in 2019
The crypto market has been moving sideways for several weeks and has reached its lowest volatility for several years. For investors, the current Siuation is more frustrating than real progress. Bitcoin-Bulle Novogratz is forecasting new record prices for next year which we have not yet seen.
Mike Novogratz, CEO of Galaxy Digital, continues to believe in Bitcoin and sees a price of USD 9,000 by the end of 2018 as realistic. In his opinion, Bitcoin will reach new highs of over $20,000 next year as there will be an influx of institutional investors:
Bitcoin must take out 6,800 dollars, and after that we could end the year at 8,800 to 9,000 dollars. By the end of the first quarter [of 2019] we will target 10,000 dollars. After that we will return to new highs – to USD 20,000 or more.
Although the prices of almost all digital currencies have fallen steadily since last December, the market as a whole has evolved. The adaptation of blockchain technology as well as appropriate regulation in the area of global rules and laws have evolved.
Many precautions have been taken, particularly in the area of large security solutions for the capital of institutional investors, to make it easier for investors from this segment to enter the cryptographic market. Coinbase received approval 14 days ago from DFS (New York Department of Financial Services) through its subsidiary to offer a custody service for the currencies Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, XRP and Litecoin.
Often unnoticed, multi-billion dollar foundations such as Harvard, Yale or Stanford Yuniversity have invested a considerable amount in crypto currencies. According to Novogratz and other experts, it is only a matter of time before the herd mentality gains the upper hand and drives more investors into the market (freely translated):
There will be a case of institutional FOMO [Fear of Missing out], just like in retail.
Novogratz continues to argue that the cryptographic market will benefit from uniform regulation and that this will drive up prices. Important factors for an imminent bull run are the involvement of financial heavyweights such as Goldman Sachs or the launch of Bakkt (freely translated):
It is a bull market among institutions that build the infrastructure needed for money investors to invest in this area.
Analysts see the start of the stock market as a great opportunity for the market to profit from it in the long term and to see rising prices. The launch of Bitcoin Futures on the Exchange is planned for 12.12.2018, but there are rumours that trading could start in November.
