The bitcoin price has been moving within a range of $6,000 to $7,000 for several weeks, showing no clear conviction in either direction. Although lower volatility is a positive sign, many investors are waiting for a renewed upturn.
Galaxy Digital Founder Michael Novogratz backpedaled on his bullish prediction for the bitcoin price, telling CNBC that he now believes BTC will fail to break the $9,000 mark by the year-end, saying:
“I do not think Bitcoin breaks the $9,000 mark this year.”
Bitcoin in 2019
He’s not entirely backing away from his bullish forecast, however. Instead, he’s extending the timeline, saying he believes that bitcoin can reach the $10,000 mark during the first two quarters of 2019, after which time the price should stabilize for the long-term.
Next year will be extremely fruitful as institutional investors pour large amounts of fresh capital into cryptocurrencies due to a fear-of-missing-out, or FOMO.
He pointed to hedge fund Tiger Global Management’s potential $500 million investment in cryptocurrency exchange Coinbase, as it is one of many signals that this business is poised to grow. Novogratz is quoted in CNBC as saying:
“Here’s the poster child of the crypto space worth $8 billion — that’s a real company, and Tiger’s not a flake of an investor. These are smart, savvy guys.”
The bitcoin price is currently hovering above the $6,500 level and is up 1% in the last 24-hour period on trading volume of $3.8 billion.