Novagratz Has A Change Of Heart… Again

Published 5 years ago on October 04, 2018

Mike Novogratz has once again changed his mind on what he thinks the end of year Bitcoin price will be. Mike Novogratz has revised his end of year call from $10,000 to $9,000 after just two weeks. Mike Novogratz is an ex-hedge fund manager of Fortress Investment Group. Novogratz was ranked as a billionaire by Forbes over ten years ago in 2007 and in 2008 Speaking in Manhattan at the Finance Disrupted event on Tuesday, Novogratz discussed that a lot of the downward price pressure that the markets face is driven by the industry participants needing to sell their holding of virtual assets in order “to fund the burn rate of the industry.”Even though his reasoning behind this is unclear, Novogratz told the crowd at the Finance Disrupted event that he doesn't think that Bitcoin will pass the $9,000 mark this year. Under two weeks, Novogratz said that Bitcoin would jump up to the $10,000 range before the year. No one knows where Novogratz gets his predictions from or why he decided to change his thoughts on where the price would go in such a short period. This does follow a trend of experts shooting out quick predictions on almost a weekly basis. How can anyone expect to listen to what experts believe when they keep changing their minds all the time? Surely this means that even they must have as little an idea with what could happen as the investors? Overall, what this does prove is that the markets are too volatile, too volatile for even the most attuned experts to really be able to predict what might happen next. This is why it’s important to do your own research before choosing to invest in Bitcoin and other cryptocurrencies.From the current Bitcoin price, to reach $9,000 means that there would need to be a increase of around 36%. If we look to what happened last year, a huge bull run occurred in November when Novogratz predicted that Bitcoin could reach the $40,000 mark ‘easily’ by the end of this year. Bitcoin is currently in the green and is priced at around $6,594.00.What are your thoughts? Do you think a Bitcoin bull run is around the corner to get the price up to $9,000 or is this just a pipe dream? Let us know what you think down in the comments below!Reference:Sludge Feed

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Robert Johnson

Robert first came across Bitcoin in 2016 during a meetup in Belgium, and has been hooked ever since. With a background in Economics, you can find Robert frequently looking at the Twitter feed of the SEC for any regulatory updates relating to Bitcoin and Crypto in general.