Mike Novogratz says Bitcoin’s price will run up by the end of this year followed by another rally in early 2019. Novogratz is the founder of Galaxy Digital, an investment firm focused on crypto and used to be the a Wall Street hedge fund manager. Novogratz said he’s suggesting a 30% increase in BTC’s price before 2019:
“Thirty percent – there’s some key levels. You’ve got to take out $6,800 and if that breaks, you’ll go up to $8,800, $9,000 and if that breaks, it’s $10,000. Those kind of numbers make sense to me by the end of the year. You’re not going to see the massive run until the institutions actually start buying a lot. And the architecture is being put in place now. It’s going to be announced in the next few months. But then it’ll take a little bit of time to go through investment committees and whatnot. So I’d say first quarter of next year you’ll really start seeing it move.”
He’s basing this prediction on Wall Street institutions that are jumping on the bandwagon:
“You’re seeing new institutions moving in. This building, ICE, their stock exchange is getting involved in a big way. We’re a partner there. That opens, I think, in November – their exchange…”
He sees value in BTC and there’s no doubt that it’ll continue to increase as mainstream adoption and major old-school institutional adoption both get a piece of the action of Bitcoin’s pie.
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