The price is holding above $4,000, today’s fractional declines notwithstanding, and the bullish price predictions are back. Michael Novogratz of crypto merchant bank Galaxy Digital is the latest voice to come out of crypto hibernation and tell it as he sees it. Novogratz is calling the market bottom days after Fundstrat’s Thomas Lee for the price.
Novogratz’s remarks were in response to CEO Changpeng “CZ” Zhao, who posted a poll on Twitter asking followers whether we’re in a bull or bear market. Out of nearly 15,000 votes so far, the needle is cautiously leaning toward a bear market, which has captured two-thirds of the vote. Novogratz disrupted the poll, pointing to a “sideways market” that has found a base and boldly predicting: “Next move higher.”
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Looks pretty sideways to me. But basing. Next move higher.
— Michael Novogratz (@novogratz)
Novogratz falls short of saying when that will be, however, while Fundstrat’s Lee appears to be . The experts have picked a good time to call a base, with the price managing to hold $4,000 (on CoinMarketCap) and posting gains of approximately 5% year-to-date. The thing to note about the recent price increase is volume, which surpassed $11 billion in recent days for the first time in nearly a year.
Nonetheless, last year’s price prediction misses are not too far in the rearview mirror. While crypto investors might want to believe the bullish forecasts, the sting of unmet expectations has created skepticism. The former hedge fund trader’s call of the bottom was met with mixed reviews on Twitter, with one follower saying he loved Novogratz’s optimism and another reminding him of his track record.
It wasn’t too long ago that Novogratz was forecasting $40,000 in 2018. He soon revised those forecasts when it became clear that the bears were more stubborn than originally thought. Novogratz is as revising his forecast, saying it would take the first half of 2019 for the price to revisit $10,000. He also previously called a market bottom in September 2018, when the price was hovering in the $6,000-$7,000 range. If only.
This is the BGCI chart…I think we put in a low yesterday. retouched the highs of late last year and the point of acceleration that led to the massive rally/bubble… markets like to retrace to the breakout..we retraced the whole of the bubble.
— Michael Novogratz (@novogratz)
Crypto’s Institutional Push
Novogratz is banking on institutional capital fueling ’s move to the next level, having previously suggested that they will catch the same FOMO (fear of missing out) that motivated retail investors in the last bull run. and big investors are slowly but surely coming off the sidelines.
Institutions aren’t in a rush because they are in crypto for the long-haul. Instead of being spooked by prices, they want to ensure that they don’t enter prematurely. If they’re listening to Novogratz, now might be as good a time as any. In the meantime, whether or not his call for a bottom proves true, crypto has found a friend in Novogratz through and through.
Best swag in crypto right now. And a pretty cool project too. 🙂
— Michael Novogratz (@novogratz)
Click for a real-time price chart.
Published at Mon, 18 Mar 2019 14:16:06 +0000
