The bitcoin bear market may be in its final stages.
Mike Novogratz of Galaxy Digital Assets recently said in an interview that in 2019 bitcoin will soar again.
Not only will it soar again, but it will make new all time highs.
Fomo again will be the driving force behind the new all time highs, but this time it will be driven by institutional investors as opposed to retail investors like the last fomo rally was.
(Fomo = Fear of missing out)
Specifically, this was Novogratz's quote:
“There’s going to be a case of institutional FOMO [fear of missing out], just like there was in retail,”
(Source: https://www.ccn.com/bull-call-novogratz-says-bitcoin-will-see-record-highs-in-2019/)
Awesome! But what about end of 2018?
Novogratz said several months back that bitcoin would not break $10k before the end of 2018, and so far it looks like he may be right.
However, he still sees a possible price increase from now until December 31st.
Saying:
"Bitcoin has to take out $6,800, and (if it does) after that we could end the year at $8,800 to 9,000.”
(Source: https://www.ccn.com/bull-call-novogratz-says-bitcoin-will-see-record-highs-in-2019/)
Then, according to Novogratz, the train keeps on rolling from there...
“By the end of the first quarter [of 2019], we will take out $10,000. And after that, we will go back to new highs — to $20,000 or more.”
(Source: https://www.ccn.com/bull-call-novogratz-says-bitcoin-will-see-record-highs-in-2019/)
His reasoning?
According to Novogratz, although 2018 has been a bear market for prices, it has been a bull market for crypto related infrastructure.
Basically, the foundation has been being laid for the past 10 months and we are getting close to a point where institutions are going to be able to invest in crypto.
They won't invest a lot initially, but they will invest some, which will cause others to invest some.
Before you know it, we have another fomo rally that is being driven mostly by institutional investors not wanting to miss out on this new portfolio hedging vehicle.
“It’s a bull market in institutions building the infrastructure needed for real-money investors to start investing in this space. Three to six months from now, there will be an ‘all-clear’ sign for people — big institutions and pension [funds] — to start investing.”
(Source: https://www.ccn.com/bull-call-novogratz-says-bitcoin-will-see-record-highs-in-2019/)
Harvard, MIT, and Stanford have all announced recently that they are starting to dip their toes in crypto.
I am not sure about you, but all of this is music to my ears.
Stay informed my friends.
Image Source:
https://www.ccn.com/bull-call-novogratz-says-bitcoin-will-see-record-highs-in-2019/
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