Mike Novogratz is one of the most popular analysts in the digital currency space. He is also one of the biggest Bitcoin (BTC) bulls and he has been supporting the digital currency for quite some time now. Mike Novogratz is also an investor in the crypto space. Over the past years, he has continually predicted the value of Bitcoin.
A couple of months back, he predicted that the value of Bitcoin (BTC) will hit the $40k mark before the end of this year. He also predicted that the entire market cap of the crypto market will hit $20 trillion soon.
Bitcoin (BTC) Price Today – BTC / USD
However, Novogratz readjusted his prediction for Bitcoin (BTC) earlier this month. He said that the digital currency might not see a five-digit growth this year. The Bitcoin bull said that the value of Bitcoin (BTC) will not break over the $10k level this year.
Bitcoin (BTC) Will See More Institutional Investors Next Year
Mike Novogratz was in the news recently to reaffirm his earlier prediction. On the 15th of October, he repeated his prediction to Bloomberg during an interview. He still strongly believes that Bitcoin (BTC) will not exceed the $10k before the end of this year.
Novogratz believes the digital currency needs more time to gather enough momentum to surge higher. He also believes that the long-awaited wave of institutional investors coming into the crypto space will only take place sometime next year. Specifically, he thinks the wave of institutional investors into the crypto space will occur in the 1st or 2nd quarter of 2019. Novogratz said the value of Bitcoin (BTC) will test new highs when this happens.
Novogratz Comments on the Recently Launched Custody Solution of Fidelity Investments
Recently, Fidelity Investments announced the launch of a new custody solution that will run independently. The name of the custody solution is Fidelity Digital Assets. The firm said the custody solution will be dedicated solely to bringing digital currencies to institutional investors. Novogratz commented on the custody the day it was announced by Fidelity Investments.
Novogratz said, “While this is a big boon for Bitcoin (BTC), the solution needs to be tested before it can attain mass interest based on investor trust.” He said the firm will probably start its full operation in January or the 1st quarter of 2019.
Due to the testing of the product to attain investor trust, Bitcoin (BTC) will not see an influx of institutional investors until next year. He said institutions will flow into purely crypto assets late 1st quarter or early 2nd quarter.
Bitcoin (BTC) Still Sees Bullish Prediction
While Novogratz has readjusted his prediction for Bitcoin (BTC), other Bitcoin bulls still maintain their stance. Thomas Lee – Fundstrat Global Advisors analyst – predicted that the value of Bitcoin (BTC) will hit the $25k level by the New Year. Despite the recent price trend of the coin, Lee has not backed down from his prediction. He still maintains the $25k prediction for Bitcoin (BTC).