Since Mike Novogratz, a former Wall Street banker, has forayed into the crypto ecosystem, he hasn’t shied away from making predictions regarding the future of this nascent industry and the value of crypto assets, like Bitcoin (BTC). And although some of his comments and forecasts have come under fire from industry pundits, with a recent report from Financial News London, it seems that the long-running Novogratz saga has continued, with the prominent investor issuing further comments and predictions regarding this market.
Speaking with Financial News, a Dow Jones-backed media outlet focused on finance, Novogratz, who is currently the CEO of Galaxy Digital, explained that BTC’s relative non-action is likely to bite the dust as 2019 dawns.
However, before this happens, Novogratz explained that bitcoin “has to take out $6,800,” which has long been seen as a key level of resistance and support for the now 10-year-old cryptocurrency. If by any chance, BTC surpasses $6,800 convincingly, with this move being denoted by strong volume and positive sentiment, the former Goldman Sachs partner added that $8,800-$9,000 by year’s end has a high likelihood of occurring.
Interestingly, while $9,000 come January 1st, 2019 is entirely within the realm of possibility, this figure is far from his previous predictions, in which he forecasted for bitcoin to reach and surpass $10,000 by this year’s end.
His declining prediction and relatively dismal outlook could indicate that declining volatility and volumes have somewhat dissuaded his bullish sentiment, which ran free in late-2017, which was when the Galaxy Digital executive called for BTC to surpass $40,000 and Ether (ETH) to eclipse $1,500.