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LOWER HIGHS ARE THE NEW MOONSHOTS
In a recent conversation with Financial News, Bitcoin bull and Galaxy Digital CEO Mike Novogratz stated he considers Bitcoin (BTC) $4328.76 -0.4percent will shake off its current malaise. Novogratz also predicts a return to $20,000 next year since institutional investors and crypto custodial service suppliers re-invigorate interest in cryptocurrency. In accordance with Novogratz,”Bitcoin has to take out $6,800, and following that, we could finish the year at $8,800 — $9,000.”
He then proceeds to explain that”By the end of this first quarter we’ll take out $10,000 and then, we will return to new highs — to $20,000 or more” Like handfuls of other bedroom and professional crypto-analysts, Novogratz believes that Bakkt, Fidelity Digital Asset Services, along with other institutional investors may propel the market to new highs and while he made no mention of the probability of this market reversal hinging on the SEC’s endorsement of a Bitcoin-ETF, Novogratz does indicate that”institutional FOMO” will induce the market to new highs”just like there was retail”.
WHO HOLDS THE CRYSTAL BALL?
More than a couple of well-known analysts, CEOs, and crypto-influencers have issued moonshot Bitcoin forecasts that have proven to be wrong and since the end of the year approaches many are issuing reenactments or formulating new BTC price predictions.
Last week Ran Neuner revised his Bitcoin forecast to’Nope, too complex’ and Arthur Hayes miraculously transformed his $50K in 2018 Bitcoin prediction to a more dystopian view of 18-more months of a bear market until BTC drops to $2k then gradually recovers. Fundstrat analyst Tom Lee also has shifted his BTC pivot points but he’s one of the few analysts standing with his own $20 — $25k prediction. We could add Novogratz to the growing pile of retractors with broken crystal chunks.
Meanwhile, as the forecasts and retractions continue, the SEC is expected to issue a statement concerning the standing or their decision on 9 Bitcoin-ETF software.