Bitcoin price analysis: BTC/USD lethargic, even Michael Novogratz now doesn't believe it will make its way to $9,000 by the year end

One Bitcoin goes for $6,548 at the time of writing as the digital coin No.1 continues its dull rangebound trading ahead of the European trading session.  Both trading volumes and volatility are subdued after a short-lived spike during early Asian hours. 

What's going on

A famous cryptocurrency investor and former Fortress hedge-fund manager Michael Novogratz had to change his overoptimistic Bitcoin forecast. Earlier this year he declared that the digital coin No.1 will hit $40,000 in 2018, but now he thinks this outcome is hardly possible.

"I don't think it breaks $9,000 this year," he said on stage at the Economist Finance Disrupted.

Novogratz expects that Bitcoin will recover above $10,000 only by the end of the second quarter next year, citing massive selling by industry participants. However, in the longer-term timeframe, he remains positive about cryptocurrency market perspectives, saying that institutional investors' money will flood the cryptocurrency market by 2019.

Bitcoin’s technical picture

BTC/USD is capped by $6,552 (SMA200, 1-hour), though, once it is cleared, the recovery may be extended towards $6,586 (Asian high) and to the critical $6,600. On the downside, the support lies with SMA100 and SMA50 (1-hour) at $6,526 and $6,500 respectively. If it is broken, the increased downside pressure will take the price to $6,400 guarded by 23.6% Fibo retracement level (1-month).

BTC/USD, 1-hour chart