Bitcoin Will Exceed 2017 High Of $19,891 USD In 18 Months: Galaxy Digital CEO Michael Novogratz
Bitcoin Will Exceed 2017 High In 18 Months – Galaxy Digital CEO Michael Novogratz
Bitcoin (BTC) has come a long way from the 2017 all-time high price of $20,000. The high has been followed by an almost consistent decline that spanned the whole of 2018. However, things have changed in 2019 especially starting April when Bitcoin started experiencing a real recovery for the first time.
This has brought Bitcoin to a critical level of $6,000 that the coin broke through earlier today, rising to over $6,100. A breakthrough this level is expected to initiate another bull market that will take the asset even higher and many people believe this to be the case.
However, only a few people in the industry are as bullish as Michael Novogratz, the CEO of Galaxy Digital who expects Bitcoin to exceed the 2017 high of $20,000 in the next 18 months. In an interview with CNN, Novogratz said the $6,000 Bitcoin just reached is a starting point as he expects the next stop to be $10,000 and altcoins may not grow with it.
He believes Bitcoin will become digital gold while altcoins like copper, have to prove their worth by increasing use cases, enlarging their communities and getting more developers on their teams to make them worth attention.
Interestingly, Novogratz’s opinion of Bitcoin leaving altcoins behind agree with other analysts that have predicted the same. Also recently, Major crypto venture capital firm Heisenberg Capital through its Founder Max Keiser predicted that Bitcoin is heading to $100,000 and will crush altcoins on its way up.
On why Bitcoin is not affected by the recent Binance hack, Novogratz said it is because Bitcoin is in a bull market and the effect can neutralize bad news. In his words, the CEO said:
“The debate is over, bitcoin won. It is now seen by people all around the world as a legitimate place to store their value.”
Some analysts have said Bitcoin hitting $6,000 is either the start of a proper bull market or a severe correction that will still lead to another bull run. They also consider the correction to be a potential “grace period” to buy the asset for those who haven’t bought yet. The entire community is waiting to see how the whole game plays out in the next few days. Will it be a shot to Novogratz’s $10k or a dip to $4,400 as a second chance?