Bitcoin To Surge To $20,000 Before The End Of The Year Despite The Current Downtrend According To Analyst

Bitcoin News Today – Bitcoin had a terrible weekend. The price of the flagship cryptocurrency along with every other cryptocurrency in the market was bleeding out. The cryptocurrency presently is stuck at a $10,000 price level, as it has lost five digits severally in a couple of weeks. The recent price trend has left many querying the future of BTC, and the length at which the crypto market will decline. The current price trend is in opposition to the Bitcoin’s latest prediction posted on twitter a few weeks ago. The Bitcoin price prediction is still bullish for the rest of the year.

Bitcoin Price Prediction 2019 – Bitcoin Prediction 2019 – Bitcoin Price Analysis – Prominent Investors Predict a BTC Surge to $20,000 by the End of the Year for BTC

The chief executive of the crypto merchant bank, Galaxy Digital, Mike Novogratz, recently addressed these questions in an interview with Bloomberg’s Business News Network in Canada. He is unshaken by Bitcoin Price decline.

Bitcoin (BTC) Price Today – BTC / USD

NamePrice24H %
bitcoin
Bitcoin(BTC)
$18,760.07
-1.72%

As someone who has faith in the currency, Novogratz appears unshaken by the recent decline from $14,000 to $9,500. He affirms that the coming surge will serve as a means to strengthen the cryptocurrency space, and also bring normalcy and stability to the currency.

Big time investor, a former Goldman Sachs partner, has disclosed in the last bull cycle that he had 20% of his net worth in Bitcoin and Ethereum. He also commented that this consolidation is likely to let BTC roam between $10,000 and $14,000.

Although Novogratz states that if the selling pressure persist then $8,500 is likely to be the ultimate low. Based on other Bitcoin predictions by some crypto analyst, $8,500 is a momentary decline envisaged. The Galaxy Digital chief is unfazed as to the direction the BTC price is heading. He commented;

“I’m hoping it doesn’t get down there, but if it does, it wouldn’t surprise me.”

Bitcoin Price Forecast – Possibility of Hitting $20,000 by End of Year

Coming as a surprise is Novogratz’s statement on the outcome of the consolidation. In an interview he granted earlier this year, he believes that there is a possibility of Bitcoin hitting $20,000 by the end of the year if institutions continue to invade the market space.

Going further, the investor expatiated:

“I’m not selling the next time we hit $14,000. The second time we reach that level, [there may be] a move to $20,000. I don’t expect this to happen in the next few weeks: I don’t expect it to the middle of the end of the fourth quarter. But the next wave will come when the institutions — the state of X, Texas Teachers Union, and those guys — come in, and then you will see Bitcoin hit $20,000 and higher.”

Amazingly, other prominent analysts are also in the same school of thought on this issue with Novogratz. Previously, Thomas Lee, a co-founder of Fundstrat Global Advisors had commented that the launch of Facebook’s Libra, the buzz around Donald Trump’s mention of the cryptocurrency space, gross institutional participation, and further macroeconomic upheaval could help Bitcoin in accomplishing the $20,000 to $40,000 range by the end of the year. He further said:

“Bitcoin is now trading at a level that it’s only seen 3% of its historical days. If you go back to every milestone that that was achieved, bitcoin subsequently rallied somewhere between 200% to 400% within the next four months, so I think if that’s playing out this time that means bitcoin could be $20,000 to $40,000 sometime in the fourth quarter.”

What is your Bitcoin price prediction for the year? Will Bitcoin face lower lows or higher highs?

Max writes about blockchain projects and regulation with a special focus on United States and China. He joined Smarterum after years of writing for various media outlets.

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