The cryptocurrency space is never a boring one, and less in the price prediction area. While some think that predicting the bitcoin price is an absurd thing, Michael Novogratz has not been a man of few words about this. Michael Novogratz is calling bulls again for the bitcoin price, declaring that it could reach $20K by the second quarter of the next year, principally supported by institutional money.
Michael Novogratz Is Calling Bulls Again
Michael Novogratz is calling bulls again for the first half of the next year. While talking to Financial Times, he said that probably bitcoin could go to $9,000 this year, but not much higher than that. The true action of bitcoin rising will occur in the first half of the next year, where it will take on new highs, according to his new view.
But if it is going to happen it should better hurry, because time is running out. The market has been moving sideways since some time ago, and the most interesting thing that has happened into these last month is the rise of the stablecoins. Sideways markets are no fun for traders and volumes quickly go down, and with the fall of demand, also the fall of prices.
This view of Novogratz are directly conflicted with what the CEO of BitMEX Arthur Hayes has said in his mailing digest: To Arthur, lack of volatility and the rise of stablecoins will also propel the market down, and could take bitcoin prices to a “sweet spot” between $3k-$2K
To Michael, the key factor that will propel all this key price growth will be the institutional FOMO, with key businesses like Fidelity and Bakkt paving the way for other investors to put money behind these projects. The Fear Of Missing Out will play a major role, and many institutions will acquire cryptocurrencies secretly using OTC methods to invest in bitcoin right now that it has shown to be at a bottom.
But while Fidelity is an insider institution coming from Wall Street, Bakkt is a new issue, one that no one is sure in which way it will impact the market. Bakkt will supposedly be opening their doors to trading with futures this December, and Fidelity will start offering cryptocurrency custody serviced for institutions the next January.
Still, there are gray areas in the prediction, and is the issue of regulation: while the Congress has informed that regulation is indeed coming, the lawmakers will likely need more work to write consistent laws that would help these crypto assets to finally be accepted as a viable investment. But Michael is bullish and confident enough to call a price hike to $20k before the second half of next year.