A roof around $6,800 is a decisive factor in determining whether Bitcoin reaches $9,000 before the end of 2018, Galaxy Digital CEO says.
Galaxy Digital CEO Michael Novogratz delivered a fresh bullish price prediction for Bitcoin (BTC) Nov. 5. Novogratz told U.K. business publication Financial News that the leading cryptocurrency could hit highs of “$20,000 or more” in 2019.
Speaking to the publication, Novogratz, who is well known for his optimistic outlook for Bitcoin prices, forecast BTC/USD to end this 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.
The largest cryptocurrency has refrained from any marked movements up or down in recent weeks, instead revealing a streak of stability, which commentators such as Fundstrat Global Advisors analyst Tom Lee have hailed as a sign markets are maturing.
Next year, however, conditions should change markedly, says Novogratz, with institutional investors’ “FOMO” (‘fear of missing out’) causing a surge in prices.
“There’s going to be a case of institutional FOMO, just like there was in retail,” he continued.
That rush to invest should see Bitcoin “take out $10,000” by the end of Q1, from there continuing to break December 2017’s all-time highs and head to “$20,000 or more.”
Novogratz had previously made similar predictions last month, specifically targeting the first half of 2019 for institutional interest and a December 2018 Bitcoin price not higher than $9,000.
Lee also continues his buoyant outlook for Bitcoin in the short term, telling Cointelegraph in an interview that the coin was “preparing to break out.”