Novogratz backtracks on his earlier predictions: Bitcoin won’t crack the $9k mark this year

The Bitcoin price has been moving within a price range of $6,000 to $7,000 for several weeks and shows no clear direction – neither up nor down. Although the lower volatility is a positive sign from the point of view of many experts, many investors are waiting for a rebound.

Michael Novogratz of Galaxy Investment Partners and former hedge fund manager, distances himself from his optimistic bullish tone towards Bitcoin and tells CNBC that, in his opinion, Bitcoin will not break through the $9,000 barrier by the end of the year:

I don’t believe Bitcoin will break through the $9,000 barrier this year.

He believes that Bitcoin can reach the $10,000 mark in the first two quarters of 2019 before the price stabilizes at this level in the long run. The coming year will be very fruitful as institutional investors will be investing large amounts of fresh capital in crypto currencies due to “FOMO” (Fear of missing out) fear of missing out.

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He also gave a positive rating to Tiger Global Management’s 500 million dollar investment in the crypto currency exchange Coinbase, as this is one of many signals that this line of business offers great potential and an increase in investment in crypto projects can be expected (freely translated):

Here is the flagship (Coinbase) of Crypto-Space worth eight billion dollars – this is a real company, and Tiger is not a flake of an investor. They’re smart, clever people.

Within the last 24 hours, Bitcoin has recorded a minimal price gain of +1.60 percent to a price of 6,581.10 dollars. Trading volume is $3.3 billion and market capitalization is $113.8 billion. The next few days will show in which direction Bitcoin is moving.

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