Galaxy Digital CEO Flip Flops from Bitcoin Bull to Bear: Won’t Break $9,000, Top Short Term Price
CEO Of Galaxy Digital Goes From Bull To Bear, Saying that Bitcoin’s Short Term Won’t Break $9,000 This Year
Mike Novogravitz is known for a lot of things – his bullish stance as a cryptocurrency investor, founding and becoming the CEO of Galaxy Digital, and being bold in his predictions of the market. However, his stance on cryptocurrency might be taking a different direction, based on recent comments that he made at The Economist’s Finance Disrupted 2018 conference just a day ago.
Let’s backtrack. Before now, he has consistently believed that the cryptocurrency industry would have a $20 trillion market cap. Before Bitcoin saw a skyrocketing price at the end of December last year, Novograts had already said that he believed in Bitcoin’s ability to “easily” reach $40,000 before the end of 2018.
For the short-term performance of Bitcoin, Novogratz’s stance is more bearish than anything at the moment. He predicts a level that is much smaller now, considering the nine-month plunge it when through. While at the aforementioned conference, he said, ““I don’t think it breaks $9,000 this year.” He further elaborated that Bitcoin will not reach past $10,000 until the second quarter of 2019, which is when he thinks another FOMO (“fear of missing out”) rally will happen.
Bitcoin has had an lot of struggle over the year, markedly down by over 53%, and it was only at $6,540 yesterday. It just hasn’t managed to reach the highs that anyone in the market has predicted. Unfortunately, buyers aren’t contributing at this time, which is demonstrated by the price consolidation.
Cracked.Market analyist, Jani Ziedins, believes that the lack of demand is the biggest reason for the price’s downward trend. Ziedins said, “Bitcoin is still struggling to break $6.8k resistance. If buyers wanted to buy this dip, they would have jumped in already. The chronic lack of demand at these levels is a concern, and the path of least resistance remains lower.”
No matter what the cause is, the current bear market has easily worn down every Bitcoin bull in the industry, from the smallest investors to billionaire hedge fund managers like Mike Novogratz.