Mike Novogratz: "We should go back to $20k in the next 18 months"

09 May, 2019
by Will Heasman
Interview
Mike Novogratz: We should go back to $20k in the next 18 months

In an interview with CNN Business, Mike Novogratz, the perpetual Bitcoin bull and founder of the crypto fund, Galaxy Digital, reiterated his 20k price point for Bitcoin, giving it a slightly updated timeframe of 18 months…

Speaking from inside the SLAT Conference in Las Vegas, Novogratz relayed the how he believes that god tier resistance around $6k marks a “stall point” for Bitcoin (BTC) which once breached will allow for a further hike up to $10k.

“$6000 probably is a stall point, we take out 6000, the next one is 10K and would I be happy if we ended the year at 10,000? Probably I would.”

However, Novogratz doesn’t think that $10k is all BTC has in it for this year, continuing to augur the #1 returning to its previous all-time high of $20K sometime “within the next 18 months.”

Interestingly, alongside this bullish perspective for Bitcoin came a rather bleak outlook for altcoins with Novogratz suggesting that altcoins “won't go up so quickly,” due to the supposition that they would have to prove their use case first.

“114 elements on the periodic table I think, maybe 118? Only gold has a store of value just because, copper we value it because we use it, and so they have to prove use case.”

Moving on to the fallout of the 7000 BTC Binance hack which was felt yesterday, Novogratz reiterated his view that although the hack was relatively contained with no investors suffering a result. However, he once again noted that this would draw further scrutiny from regulators:

“it tells me that regulators will still push, we think that all exchanges should go to a process where they almost self-regulated… they're doing what regulators want beforehand”

when asked why the BTC price remained unaffected, Novogratz simply said:

"In bull markets, markets can digest bad news, we’re in a bull market."

Do you agree with Novogratz? Will we see the old highs this year? Let us know in the comments! 

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