Mike Novogratz: Bitcoin to hit $20k at the "end of the 4th quarter” of 2019

03 Jul, 2019
by Will Heasman
Mike Novogratz: Bitcoin to hit $20k at the end of the 4th quarter” of 2019

After a volatile week for the crypto market, prominent Bitcoin bull and founder of Galaxy Digital, Mike Novogratz, spoke to Bloomberg about Bitcoin’s recent mood swing and speculated upon when we’ll see $20,000 once more.

Consolidation time

Explaining the recent bout of this week, which saw Bitcoin (BTC) fall into four figures, Novogratz noted that essentially Bitcoin was moving move too much too quickly, stating that the last $3000 dollar ride up to $14k was a “parabolic movement,” based on Facebook’s incipient entry into the crypto industry:

“[Investors] got excited because of Facebook, they got excited because Uber, and MasterCard and Visa, all saying ‘hey we want to participate in the cryptocurrency world’ … all of a sudden the question around institutionalization has been answered, and now it’s a question of taking the time to build out the systems … and things got a little bit carried away, and now we're in consolidation … We’re going to see the market consolidate between $10,000 and $14,000 for a while before it takes off to the next leg higher…”

Back to the old highs

For Novogratz the “next leg” will be $20,000 and higher, with the Bitcoin evangelist noting that it’ll be catalyzed by further involvement from, “the state of X” suggesting, as an example “the state of Wisconsin,” adding that “investment banks will start moving into the space sooner of later.”

During the rally up to 14k Novogratz notably sold a portion of his BTC, when asked at which point he would sell again, he asserted that he wouldn’t be selling at $14k next time, instead, relaying that his selling point for next time is “probably closer to $20,000.” However, Novogratz caveated that he doesn’t expect to hit $20k until “the middle to the end of the 4th quarter” of 2019.

In terms of a new high, the Galaxy Digital CEO stayed fairly constrained, noting that “if we can get back to the old high by the end. If this year every Bitcoiner will be relatively happy. But if you can take out $20,000, it opens up $40,000 next…”

What do you think? Can Bitcoin reach 20k by the 4th quarter of 2019, Or will it go higher? Let us know in the comments!

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