Mike Novogratz predicts Bitcoin could hit $20,000 next year

06 Nov, 2018
by Richard Allen
Mike Novogratz predicts Bitcoin could hit $20,000 next year

Mike Novogratz, one of the most prominent figures in the crypto space, has said that the slump Bitcoin is stuck in at the moment will have passed and will once again reach $20,000 next year as institutional investors start becoming involved in the industry.

The current head of crypto merchant bank Galaxy Digital told Financial Times that Bitcoin could surpass its all-time highs seen in December last year when the world’s biggest cryptocurrency hit prices of $19,140 before sinking 57% throughout 2018.

“Bitcoin has to take out $6,800, and after that we could end the year at $8,800-9,000,” he said.

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

Novogratz explains that the launch of Fidelity Digital Assets last month, and the addition of a new crypto trading platform Bakkt launched by Nasdaq parent Intercontinental Exchange is setting the stage for some big institutional players to get involved next year.

“There’s going to be a case of institutional FOMO, just like there was in retail,” he said.

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Read more about: Bitcoin (BTC)


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