Known for his huge support for the leading cryptocurrency, Bitcoin, Galaxy Digital CEO Michael Novogratz is once again making headlines after he conveyed a fresh bullish price prediction for Bitcoin (BTC). Speaking with Financial Times, one of U.K’s respected publishers, Novogratz stated that Bitcoin could once again hit the impressive highs of $20,000 or more in 2019.
According to Novogratz who has earned a reputation in the crypto community, thanks to his optimistic outlook for crypto prices, stated that the BTC/USD pair could end this year around $8,900, giving room for a long-awaited bullish move in 2019.
Speaking to the publication, Novogratz stated that: “Bitcoin has to take out $6,800, and after that, we could end the year at $8,800-9,000,”
It is important to note that the leading cryptocurrency by market cap, has seen very little movement in recent weeks as it has been trading sideways for some time now. The recent stability in the price of Bitcoin has forced commentators like Tom Lee, a Fundstrat Global Advisors to hail this new development as a sign that markets are beginning to mature.
Nevertheless, Novogratz expects that market conditions should change by next year with institutional investors’ fear of missing out causing the next bullish move. Novogratz added that “There’s going to be a case of institutional FOMO, just like there was in retail. And the rush to invest in the crypto industry will push the price of Bitcoin to $10,000 by the end of Q1. From there, prices will rally to break December 2017’s all-time highs and finally head to $20,000 or more.
For those who have been following developments in the crypto space, you will recall that Novogratz had earlier given similar predictions, where he stated that institutional interest in cryptocurrency would push the price of the major cryptocurrency asset to $9,000 or more.
Tom Lee also gave his optimistic outlook for the leading cryptocurrency for the short term, stating that Bitcoin is prepped for an imminent breakout.