{"id":356871,"date":"2018-11-05T20:00:34","date_gmt":"2018-11-05T20:00:34","guid":{"rendered":"https:\/\/wncen.com\/?p=356871"},"modified":"2019-03-11T20:50:03","modified_gmt":"2019-03-11T20:50:03","slug":"novogratz-bitcoin-to-revisit-all-time-high-in-2019-fueled-by-institutional-fomo","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/novogratz-bitcoin-to-revisit-all-time-high-in-2019-fueled-by-institutional-fomo\/","title":{"rendered":"Novogratz: Bitcoin to Revisit All-Time High in 2019, Fueled by Institutional FOMO"},"content":{"rendered":"

One of the most prominent names in cryptocurrency investing believes that Bitcoin\u2019s downtrend woes are near an end, and that a revisit to Bitcoin\u2019s all-time high is on the cards during 2019 due to increased interest from institutional investors.<\/span><\/p>\n

Novogratz: Taking Out $10K Will Lead to New Highs<\/span><\/h2>\n

Mike Novogratz, founder and CEO of crypto-focused investment firm Galaxy Digital Capital Management<\/span><\/a>, is rarely without comment on the state of the cryptocurrency market, and in particular, Bitcoin.<\/span><\/p>\n

Bitcoin being the most well-known crypto asset and with a market cap that is 50% of the overall market\u2019s total aggregate, tends to be the focal point of most investors when speaking about the influx of institutional investors waiting to enter the market.<\/span><\/p>\n

That institutional influx, Novogratz says, will take Bitcoin to its previous all-time high and beyond in 2019.<\/span><\/p>\n

\n

“There\u2019s going to be a case of institutional FOMO [fear of missing out], just like there was in retail,” Novogratz reports the Financial News<\/a>.<\/span><\/p>\n<\/blockquote>\n

Before that happens, Bitcoin needs to take out a couple key overhead price resistance points.<\/span><\/p>\n

“Bitcoin has to take out $6,800, and after that we could end the year at $8,800-9,000,” he clarified. After that, though, it\u2019s off to the races for Bitcoin.<\/span><\/p>\n

Novogratz recently had a moment of bearish sentiment<\/span><\/a>, suggesting that Bitcoin wouldn\u2019t break $9,000 before the end of the year, and was targeting the second quarter of 2019 when Bitcoin could break $10,000.<\/span><\/p>\n

However, the negative sentiment appears to have passed, and he\u2019s now suggesting that break of important psychological resistance at $10,000 will occur during the first quarter of 2019 \u2013 a break he expects to start the next bull run, potentially beating previous highs.<\/span><\/p>\n

\n

“By the end of the first quarter we will take out $10,000 and after that we will go back to new highs \u2014 to $20,000 or more,” Novogratz speculated.<\/span><\/p>\n<\/blockquote>\n

Novogratz had famously predicted<\/a> Bitcoin reaching $40,000 before the end of 2018, double its previous all-time high of nearly $20,000 it reached back in December 2017. Novogratz later changed his tune due to the severity of the continued downtrend keeping cryptocurrency prices at bay.<\/span><\/p>\n

Institutional FOMO Rally Foundation Being Built Already<\/span><\/h2>\n

The impending institutional rally investors like Novogratz have been pointing to since Bitcoin’s all-time high may be right around the corner.<\/span><\/p>\n

In recent weeks, a number of traditional banking firms have shown increased interest in crypto, such as Fidelity, who recently became the first Wall Street incumbent to launch a dedicated cryptocurrency trading operation called Fidelity Digital Asset Services<\/span><\/a>.<\/span><\/p>\n

Now that the first stone has been thrown, a domino-effect is expected where many of Fidelity\u2019s closest competitors join what is turning into an arms race.<\/span><\/p>\n

Next month, the parent company of the New York Stock Exchange, Intercontinental Exchange, will be launching their Bakkt trading platform, which offers physically-settled Bitcoin Futures contracts, which many believe could help cause Bitcoin’s price to increase by eating into the cryptocurrency’s limited supply.<\/span><\/p>\n

Featured image from Shutterstock.<\/pre>\n","protected":false},"excerpt":{"rendered":"
One of the most prominent names in cryptocurrency investing believes that Bitcoin\u2019s downtrend woes are near an end, and that a revisit to Bitcoin\u2019s all-time high is on the cards during 2019 due to increased interest from institutional investors. Novogratz: Taking Out $10K Will Lead to New Highs Mike Novogratz, founder and CEO of crypto-focused investment firm Galaxy Digital Capital Management, is rarely without comment on the state of the cryptocurrency market, and in particular, Bitcoin. Bitcoin being the most well-known crypto asset and with a market cap that is 50% of the overall market\u2019s total aggregate, tends to be the focal point of most investors when speaking about the influx of institutional investors waiting to enter the market. That institutional influx, Novogratz says, will take Bitcoin to its previous all-time high and beyond in 2019. “There\u2019s going to be a case of institutional FOMO [fear of missing out], just like there was in retail,” Novogratz reports the Financial News. Before that happens, Bitcoin needs to take out a couple key overhead price resistance points. “Bitcoin has to take out $6,800, and after that we could end the year at $8,800-9,000,” he clarified. After that, though, it\u2019s off to the races for Bitcoin. Novogratz recently had a moment of bearish sentiment, suggesting that Bitcoin wouldn\u2019t break $9,000 before the end of the year, and was targeting the second quarter of 2019 when Bitcoin could break $10,000. However, the negative sentiment appears to have passed, and he\u2019s now suggesting that break of important psychological resistance at $10,000 will occur during the first quarter of 2019 \u2013 a break he expects to start the next bull run, potentially beating previous highs. “By the end of the first quarter we will take out $10,000 and after that we will go back to new highs \u2014 to $20,000 or more,” Novogratz speculated. Novogratz had famously predicted Bitcoin reaching $40,000 before the end of 2018, double its previous all-time high of nearly $20,000 it reached back in December 2017. Novogratz later changed his tune due to the severity of the continued downtrend keeping cryptocurrency prices at bay. Institutional FOMO Rally Foundation Being Built Already The impending institutional rally investors like Novogratz have been pointing to since Bitcoin’s all-time high may be right around the corner. In recent weeks, a number of traditional banking firms have shown increased interest in crypto, such as Fidelity, who recently became the first Wall Street incumbent to launch a dedicated cryptocurrency trading operation called Fidelity Digital Asset Services. Now that the first stone has been thrown, a domino-effect is expected where many of Fidelity\u2019s closest competitors join what is turning into an arms race. Next month, the parent company of the New York Stock Exchange, Intercontinental Exchange, will be launching their Bakkt trading platform, which offers physically-settled Bitcoin Futures contracts, which many believe could help cause Bitcoin’s price to increase by eating into the cryptocurrency’s limited supply. Featured image from Shutterstock.<\/p>\n","protected":false},"author":517,"featured_media":356973,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3],"tags":[428,16869,11277],"class_list":["post-356871","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-bitcoin","tag-galaxy-digital-capital-management","tag-mike-novogratz"],"acf":[],"yoast_head":"\nNovogratz: Bitcoin to Revisit All-Time High in 2019, Fueled by Institutional FOMO<\/title>\n<meta name=\"description\" content=\"Mike Novogratz believes that an institutional investor influx will help break the key resistance level of $10,000 in Bitcoin, and ignite a FOMO rally.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions. In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony\u2019s expertise to guide their trading strategies. Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies. 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