Mike Novogratz says Bitcoin has serious upside from current levels.
In an interview with CNBC's Fast Money, Mike Novogratz said that he thinks it is basically impossible that bitcoin doesn't rebound to the $8,800-$10,000 range at some point by the end of this year.
He also called the end of the bear market just a few days ago.
More about that can be seen here:
https://steemit.com/crypto/@jrcornel/mike-novogratz-i-think-we-put-in-the-lows-yesterday
This was as bitcoin prices were just barely about $6k.
His reasoning being that bitcoin had now retraced all of the euphoric move that started in October of last year:
(Source: https://steemit.com/crypto/@jrcornel/mike-novogratz-i-think-we-put-in-the-lows-yesterday)
According to Novogratz that is what often happens when bubble-ish markets pop. The most vertical and euphoric part of the move gets taken back.
His call is looking pretty good right about now.
Blast off within the next 6 months?
According to Mike, the next FOMO that takes markets to new highs will come from institutions.
Specifically, Mike had this to say:
"It’s also a bull market in institutions building the infrastructure needed for real money investors to start investing in this space. I think that in 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/10000-target-novogratz-sees-bitcoin-jumping-30-in-2018/)
All clear within 6 months?
Sounds good to me!
I think we will have a bitcoin ETF approved within the next 6-9 months as well, so that would also help further Mike's bullish thesis.
What might FOMO among institutions lead to?
According to Mike, he would not be surprised to see markets eventally reach $20 trillion at their peak.
Yes that is trillion with a "t".
At peak euphoria last year, the markets were not even worth $1 trillion, just for some perspective.
According to Mike:
“It won’t go there ($20 trillion) right away. What is going to happen is, one of these intrepid pension funds, somebody who is a market leader, is going to say, you know what? We’ve got custody, Goldman Sachs is involved, Bloomberg has an index I can track my performance against, and they’re going to buy. And all of the sudden, the second guy buys. The same FOMO that you saw in retail [will be demonstrated by institutional investors]."
(Source: https://www.ccn.com/10000-target-novogratz-sees-bitcoin-jumping-30-in-2018/)
The same FOMO you saw in retail will be demonstrated by institutional investors?
Yes please!
(Source: https://en.bitcoinwiki.org/wiki/Cycle_FOMO-FUD)
Some caveats:
Keep in mind that Mike Novogratz has roughly 20% of his net worth in crypto, so he is a big time bull.
However, also keep in mind that he was calling for a top back in December of 2017. Even delaying launching his crypto hedge fund due to market conditions.
IE, things being too frothy for him to feel comfortable buying into.
Overall, I would say Mike Novogratz has a pretty good pulse on the crypto markets and he is one I listen to when he makes price predictions.
Stay informed my friends.
Image Source:
https://coindiary.net/mike-novogratz-says-cryptocurrency-market-has-found-a-bottom-already/
Follow me: @jrcornel