- Novogratz’s firm, Galaxy Digital, has made back some of the losses it endured during the 2018 bear market.
- Novogratz feels that institutional sponsorship will be critical to Bitcoin’s long-term health and growth.
Galaxy Digital chief, Michael Novogratz, issued his latest Bitcoin price prediction while talking to CNBC Squawk Box. He believes that BTC/USD will never again fall below $5,000. When asked if BTC will ever go back to $5k, the billionaire ex-hedge fund manager, said:
“I don’t think so. I think if it goes below $8,500 I'll get nervous. If it goes below $6,000 I'll get real nervous.”
Novogratz's firm suffered some significant losses last year, during the 2018 bear market. It looks like they have made back some of their losses following the recent upward movement. Galaxy Digital reported a net income of $13 million in Q1 2019 and "GLXY" has stabilized around CAD$2 per share.
During the interview, Novogratz also repeated his long-held belief that institutional sponsorship will be critical to Bitcoin’s long-term health and growth.
“One thing that Libra did—when you saw Mastercard, and Visa, and PayPal, and Uber, all sign up—it credentialized crypto. And so every institutional player is looking how do they get their foothold in. And as those guys move in, first to Bitcoin, and then to broader crypto, you know that’s what drives this next price move.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.
Latest Crypto News & Analysis
Editors’ Picks
Bitcoin Weekly Forecast: BTC crystal ball gives bulls a faint flicker of hope
Bitcoin staged a healthy recovery this week. The pioneer digital currency price took off from the support area of $10,000 and touched the next psychological line of $11,000.
Maker Price Analysis: MKR whales could be getting ready to dump again at $470
Maker has been one of the most affected coins after the last crypto crash, losing around 50% of its value in practically one month. MKR is currently ranked 37th with a market capitalization of $500 million.
Kyber Network Price Prediction: KNC could be on the verge of a 50% correction
Kyber Network was trading as high as $2.04 on August 14 but plummeted to $1.04 just 22 days later, a 48% loss that clearly shows bears are in full control in the short and mid-terms.
Aave Price Analysis: LEND bulls will have to fight for $0.65 to regain control
Aave's LEND is the 29th-largest digital asset with the current market capitalization of $751 million and an average daily trading volume of $167 million. The token is most actively traded on Binance.
Bitcoin Weekly Forecast: BTC crystal ball gives bulls a faint flicker of hope
Bitcoin staged a healthy recovery this week. The pioneer digital currency price took off from the support area of $10,000 and touched the next psychological line of $11,000.