Michael Novogratz, the CEO of Galaxy Digital has made a bullish price prediction for Bitcoin. He told Financial News, a UK based business publication that Bitcoin could attain a price of “$20,000 or more” in 2019.
Novograts is famous for his optimistic view of Bitcoin prices. He has said that he sees Bitcoin ending the year at around $8,900.
“Bitcoin has to take out $6,800, and after that we could end the year at $8,800-9,000,” he said.
Bitcoin has not significantly moved up or down in the past few weeks and has shown relative stability over this time period. Some commentators like Tom Lee, an analyst at Fundstrat Global Advisors has praised as a signal that the market is maturing.
Novogratz predicts that the conditions for the market should change drastically next year. He credits this upcoming change to institutional investors experiencing “FOMO” (fear of missing out) as a result of the price increases that will be observed from now to the end of the year and beyond. “There’s going to be a case of institutional FOMO, just like there was in retail,” he said.
This rush to buy Bitcoin should “take out $10,000” by the end of the first quarter of next year and from there it will go on to break last year’s all time high and shoot for “$20,000 or more.” Novogratz made a similar prediction in October with a view that there would be a bull market in the first half of next year owing to institutional interest and a Bitcoin price not higher than $9,000 at the end of this year.