Earlier this month, billionaire investor and Galaxy Digital CEO Mike Novogratz predicted that by the end of 2019, BTC will reclaim its ATH of $20K. This came after he had publicly said during an interview with CNBC that he wished he had sold BTC when it soared to its YTD high, $13,800.
He later clarified this as most people thought he was no longer bullish on BTC. He affirmed;
“I have to say taken out of context some or I wasn’t clear enough. Of course you would rather have sold something if you could buy it down 30% the next day. I do think we consolidate 10-14K before next move higher. I am still very bullish BTC.”
Mike Novogratz: Institutions Will Push BTC To $20K
In his latest appearance on Bloomberg, Mike Novogratz speaks about the recent bitcoin price action saying that BTC is consolidating before reaching $20K by year-end. He further pointed out that the current consolidation will likely continue but the price will find support at $8500. He stated;
“We had a big move from $4,000 to around $13,500 and I think we’re gonna consolidate… $8500 should probably be the low that holds. I’m hoping it doesn’t get down there, but if it does, it wouldn’t surprise me.”
Mike dives deep on the many institutional investors that are exploring cryptocurrency in financial operations such as Yale, Harvard, and Stanford. This ultimately means some of the biggest institutions believe in the potential of cryptocurrency and other institutional investors will follow suit.
Regardless of the skeptics, he believes that the “probability of this really working has gone limit-up” and as more investors join the cryptocurrency bandwagon, BTC will reclaim $20,000.
“And then I think these institutions kind of get excited again, maybe towards the end of the year -hopefully sooner- we push out that range and we go back to the old highs of $20,000”
Libra And Telegram To Boost Wider Adoption
Facebook has been in the limelight for a very long time since unveiling Libra. It remains blurry whether, in fact, Facebook will launch Libra successfully next year because of the regulatory setback that it currently faces. Mark Zuckerberg, Facebook Founder, said during the recent Facebook Second Quarter Earnings Call that Facebook will address all the regulators’ concerns “however long it takes”.
Most people, however, don’t necessarily have a problem with Libra but they have a lot of distrust in Facebook due to its infamous privacy breaches. Nonetheless, behemoth companies like Visa, Uber, and MasterCard will be part of the consortium that is behind Libra, meaning these giant companies have some level of trust in Facebook.
On the upside, if Facebook is finally able to bring Libra to life, 2 billion of its users will now be attuned to cryptocurrency. If that’s not massive adoption then I don’t know what is.
Mike also mentions that Telegram is set to launch its blockchain dubbed “Telegram Open Network” (TON) in Q3, 2019. The TON network will purportedly support decentralized applications just like the Ethereum blockchain as published by The Block. Before Facebook launches its own digital currency, telegram over 280 million users will get a piece of the cryptocurrency pie.
“So I think the chance of adoption in these existing platforms is pretty high and then that will spill over into the broader crypto community,” Mike asserted.
Bitcoin Bulls Are Steadfast Now More Than Ever
Currently, the cryptocurrency market is aflutter as bitcoin continues to trade at 4-digits. This has however not deterred bitcoin bulls from predicting that bitcoin in on the verge of a rally in the coming days. Mike Novogratz is not the only optimistic bull in this recent correction atmosphere.
Earlier this week as we reported, CEO of Pantera Capital, Dan Morehead, came out with a bold prediction of bitcoin surging to $42,000 by the end of 2019. He said that based on bitcoin’s trend analysis, this price prediction is very reasonable and attainable.