Mike Novogratz, former hedge fund manager and one of the most bullish cryptocurrency enthusiasts, changes mind in a recent comment on the future of cryptocurrency. However, his opinion is on a short-term note.
Bitcoin Price and The Cryptocurrency Market Bearish Move
The persistent bearish move of the cryptocurrency market over the past nine months has seen over $500 billion markets shed. The bearish move of the cryptocurrency market has led to reliance on the approval of Bitcoin ETF by the US SEC for stability and another bullish move of the cryptocurrency market.
However, Bitcoin ETF proposals of different firms have been rejected by the US SEC and at the moment the US SEC decision remains inconclusive. This has led many not to rely on it for another bullish move.
Amid uncertainties and doubts, many cryptocurrency enthusiasts are still positive of Bitcoin rising to $10,000, $12,000 and above this year. Finnbjörnsson, Tom Lee, Michael Novogratz among others belong to this league. However, Novogratz seems to see things differently at the moment while speaking to the press at the Economist’s Finance Disrupted conference.
Michael Novogratz New View On The Value Of Bitcoin
Novogratz thought on the top value cryptocurrency; Bitcoin betrays his previous opinion which includes seeing cryptocurrency rise to $40,000 by the end of 2018. A view made during the Bitcoin bubble a year ago that saw Bitcoin rise to $20,000.
Novogratz noted that he does not think that Bitcoin would rise beyond $9,000 again this year, though starting clearly that its a short-term analysis.
Previously, he had noted that Bitcoin had bottomed in September which he inferred that the bearish days are over. However, Novogratz still sees bitcoin reaching the $10,000 mark in the second quarter of 2019.
While affirming that the institutional investors would propel the next bullish trend, he stated that by the second quarter of 2019, the fear of missing out would make institutional investors to spur the rise of Bitcoin just as it did a year back.
Meanwhile, the price of Bitcoin has been stable between $6,500 and $6,800, struggling to break the $7,000 mark. The value of Bitcoin has also been sighted to have made higher lows which could kick-start a new bullish trend.