{"id":352611,"date":"2018-10-03T17:15:15","date_gmt":"2018-10-03T17:15:15","guid":{"rendered":"https:\/\/ktsl888.com\/?p=352611"},"modified":"2024-06-11T07:37:48","modified_gmt":"2024-06-11T07:37:48","slug":"novogratz-turns-bearish-on-bitcoin-short-term-wont-break-9000-before-2019","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/novogratz-turns-bearish-on-bitcoin-short-term-wont-break-9000-before-2019\/","title":{"rendered":"Novogratz Turns Bearish on Bitcoin Short-Term, Won\u2019t Break $9,000 Before 2019"},"content":{"rendered":"

Mike Novogratz, outspoken cryptocurrency investor, CEO, and founder of investment firm Galaxy Digital, is commonly known throughout the crypto industry as one of the emerging asset class\u2019 most prominent bulls. <\/span><\/p>\n

However, according to comments made by Novogratz at The Economist\u2019s Finance Disrupted 2018 conference yesterday the long-time Bitcoin bull may finally be turning bearish \u2013 at least in the short-term.<\/span><\/p>\n

Mike Novogratz: Bitcoin Won\u2019t Break $9,000 This Year<\/span><\/h2>\n

Novogratz, the Forbes-ranked billionaire and former hedge fund manager at Fortress Investment Group, has long been bullish on Bitcoin and cryptocurrencies in general. <\/span><\/p>\n

In the past, he has predicted a $20 trillion market cap for cryptocurrencies, and back in November 2017, right before Bitcoin\u2019s price went parabolic and hit an all-time high price of $20,000, Novogratz was already looking ahead at 2018. At the time, he claimed Bitcoin could “easily”\u00a0reach $40,000<\/span><\/a> before the end of 2018. <\/span><\/p>\n

However, his new prediction for the end of 2018 falls significantly less than what he had been expecting one year ago, before a nine-month-long bear market beat and battered bulls like Novogratz.<\/span><\/p>\n

While speaking at The Economist\u2019s Finance Disrupted conference, CNBC reports<\/span><\/a> that Novogratz doesn\u2019t think Bitcoin will even reach a quarter of the value of his previous $40,000 prediction.<\/span><\/p>\n

\n

“I don’t think it breaks $9,000 this year,” Novogratz said, offering a short-term bearish view on the number one cryptocurrency by market cap. <\/span><\/p>\n<\/blockquote>\n

Novogratz said that Bitcoin had bottomed in September<\/span><\/a>, but despite believing so, Novogratz doesn\u2019t expect Bitcoin to break $10,000 until the second quarter of 2019. At that point, Novogratz expects another “FOMO” rally to occur, driven this time by institutional investors instead of retail investors who helped inflate the last bubble.<\/span><\/p>\n

Novogratz, like many others in the space, believe the next bull market will occur when institutional investors begin to rapidly enter the space.<\/span><\/p>\n

Bitcoin\u2019s Price Struggle Attributed to “Chronic Lack of Demand”<\/span><\/h2>\n

Throughout the year, Bitcoin has been unable to reach new highs, and has repeatedly painted lower lows on its price charts. Since July, Bitcoin has begun making higher lows, indicating that selling pressure has started to dry up. However, buyers aren\u2019t stepping up to the plate either, and the price consolidation Bitcoin is showing reflects this.<\/span><\/p>\n

While the lack of buying or selling could be attributed to uncertainty in Bitcoin\u2019s next big move, causing investors and traders to remain sidelined until the price chooses a direction, Jani Ziedins, a Cracked.Market analyst, believes its really due to a “chronic lack of demand.”<\/span><\/p>\n

\n

“Bitcoin is still struggling to break $6.8k resistance. If buyers wanted to buy this dip, they would have jumped in already. The chronic lack of demand at these levels is a concern, and the path of least resistance remains lower,” Ziedins explained, reports MarketWatch<\/a>.<\/span><\/span><\/p>\n<\/blockquote>\n

Regardless of the cause, it\u2019s clear that the 2018 downtrend and resulting bear market has worn out even the most bullish of Bitcoin bulls, from retail investors, to billionaire hedge fund managers like Mike Novogratz, and nearly everyone in between.<\/span><\/p>\n

Featured image from Shutterstock.<\/pre>\n","protected":false},"excerpt":{"rendered":"
Mike Novogratz, outspoken cryptocurrency investor, CEO, and founder of investment firm Galaxy Digital, is commonly known throughout the crypto industry as one of the emerging asset class\u2019 most prominent bulls. However, according to comments made by Novogratz at The Economist\u2019s Finance Disrupted 2018 conference yesterday the long-time Bitcoin bull may finally be turning bearish \u2013 at least in the short-term. Mike Novogratz: Bitcoin Won\u2019t Break $9,000 This Year Novogratz, the Forbes-ranked billionaire and former hedge fund manager at Fortress Investment Group, has long been bullish on Bitcoin and cryptocurrencies in general. In the past, he has predicted a $20 trillion market cap for cryptocurrencies, and back in November 2017, right before Bitcoin\u2019s price went parabolic and hit an all-time high price of $20,000, Novogratz was already looking ahead at 2018. At the time, he claimed Bitcoin could “easily”\u00a0reach $40,000 before the end of 2018. However, his new prediction for the end of 2018 falls significantly less than what he had been expecting one year ago, before a nine-month-long bear market beat and battered bulls like Novogratz. While speaking at The Economist\u2019s Finance Disrupted conference, CNBC reports that Novogratz doesn\u2019t think Bitcoin will even reach a quarter of the value of his previous $40,000 prediction. “I don’t think it breaks $9,000 this year,” Novogratz said, offering a short-term bearish view on the number one cryptocurrency by market cap. Novogratz said that Bitcoin had bottomed in September, but despite believing so, Novogratz doesn\u2019t expect Bitcoin to break $10,000 until the second quarter of 2019. At that point, Novogratz expects another “FOMO” rally to occur, driven this time by institutional investors instead of retail investors who helped inflate the last bubble. Novogratz, like many others in the space, believe the next bull market will occur when institutional investors begin to rapidly enter the space. Bitcoin\u2019s Price Struggle Attributed to “Chronic Lack of Demand” Throughout the year, Bitcoin has been unable to reach new highs, and has repeatedly painted lower lows on its price charts. Since July, Bitcoin has begun making higher lows, indicating that selling pressure has started to dry up. However, buyers aren\u2019t stepping up to the plate either, and the price consolidation Bitcoin is showing reflects this. While the lack of buying or selling could be attributed to uncertainty in Bitcoin\u2019s next big move, causing investors and traders to remain sidelined until the price chooses a direction, Jani Ziedins, a Cracked.Market analyst, believes its really due to a “chronic lack of demand.” “Bitcoin is still struggling to break $6.8k resistance. If buyers wanted to buy this dip, they would have jumped in already. The chronic lack of demand at these levels is a concern, and the path of least resistance remains lower,” Ziedins explained, reports MarketWatch. Regardless of the cause, it\u2019s clear that the 2018 downtrend and resulting bear market has worn out even the most bullish of Bitcoin bulls, from retail investors, to billionaire hedge fund managers like Mike Novogratz, and nearly everyone in between. Featured image from Shutterstock.<\/p>\n","protected":false},"author":517,"featured_media":352618,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3,12383],"tags":[428,16435,16434,13071,11277],"class_list":["post-352611","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","category-market-wrap","tag-bitcoin","tag-cracked-market-jani-ziedins","tag-fortress-investment-group","tag-galaxy-digital","tag-mike-novogratz"],"acf":[],"yoast_head":"\nNovogratz Turns Bearish on Bitcoin Short-Term, Won\u2019t Break $9,000 Before 2019<\/title>\n<meta name=\"description\" content=\"Mike Novogratz, long-time Bitcoin bull, may finally be turning bearish \u2013 at least in the short-term \u2013 suggesting that Bitcoin won't break $9,000 this year.\" \/>\n<meta name=\"robots\" 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