Mike Novogratz restated that he believes Bitcoin will end 2017 over $10,000 per coin.
That is right, "restated".
He first called for $10,000 bitcoin over a month ago when he said that he thought with all the positive developments in the space, we would probably see $10,000 bitcoin within the next 6 to 8 months.
That prediction was made when bitcoin was trading around $5,000... which is much more impressive than stating it when it is trading around it's current $8,300 number.
The change in his prediction to "end of this year" is a testament to just how bullish bitcoin has been of late.
His time frame changed from 6-8 months all the way down to 2 months.
If the name Mike Novogratz sounds familiar, it's probably because you heard about him starting a rather large cryptocurrency hedge fund in the near future.
The fund is called the Galaxy Digital Asset Fund and is set to launch in early 2018.
I actually wrote about the fund a while back here:
https://steemit.com/cryptocurrency/@jrcornel/usd500-million-dollar-crypto-hedge-fund-on-its-way
The fund is expected to be backed in large part by Mike Novogratz himself and will hold roughly $500 million in assets.
An amount which would make it the largest cryptocurrency focused hedge fund in the world.
The fund states it wants to invest mostly in start ups and ICOs, however, it will also take large stakes in existing technologies and currencies as well.
The interesting thing is that if this fund employs typical hedge fund leverage (something like 5X), we could be looking at his fund alone representing $2.5 billion worth of investments coming in during the first quarter of 2018.
Combine that with these new futures and options products being launched by the CME and the CBOE and we could possibly see something where demand greatly outstrips supply for these things and we could have a major moon shot.
The perfect storm?
One of my favorite analysts on the street (Tom Lee) is calling for $25,000 bitcoin by 2022, but he said he thinks with the right setup we will likely see a major overshoot of that number before prices eventually settle back in around that number.
What kind of setup and overshoot is he talking about?
Well, Mr. Lee said that with the perfect storm of major institutional money coming in all at once, we could see something like $60,000 or $70,000 bitcoin on an overshoot fomo rally.
Think about what that might mean for the price of steem?
The interesting thing about that statement is that what he describes as the perfect storm could be exactly what is setting up right now at the end of 2017 and beginning of 2018. We have all those new bitcoin and crypto products coming online at once and large institutional funds are entering the space at the same time.
That sounds like a recipe for a moon shot in the making indeed.
Hold on to your hats ladies and gentleman, I think we are about to go on quite the wild ride!
Stay informed my friends.
Sources:
https://www.coindesk.com/mike-novogratz-doubles-down-on-10000-bitcoin-prediction/
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Thank you for informative information.
but what will happen after BTC hits 10k? I think there are plenty of traders that had this target figure. Disciplined traders would lock-in a 3x multiple in 6 months if they sell at 10k. I’m really curious, particularly because so many bought for speculation. According to this article American investors will hold for a long time: https://www.google.nl/amp/s/api.cointelegraph.com/amp/v1/news/american-investors-plan-to-hodl-bitcoin-until-price-hits-196000
my worries around $10,000 BTC, and frankly any increase in value is this: why is it justified? What is BTC's unique use-case?
Everything it aims to do there are coins that are better at offering that. Peer-to-peer digital cash? Dash. Transaction speeds, low fees? Litecoin, or Dash.
Store of value? Ok sure, BTC is a proven secure store of value but litecoin is not much less proven, LTC has existed nearly as long.
I do think BTC has the first mover advantage but if they continue to fail in bringing forth innovation, while its competitors are constantly innovating, seems to me that one or another coin will take the throne of Bitcoin, someday.
Thoughts?
Totally right
10k is just a small step!
I'm not trying to be pessimistic but what is good about a hedge fund using 5x leverage to invest in crypto space. He says bubbles are good because it shows there's something new & revolutionary, but he probably speak for himself.
Why is bitcoin created, to speculate or to facilitate tradings and economic growth?
Goodluck to Bitcoin at 10k, we are watching with STEEM
Have been hearing this figures bounded around for a while and a really daft one for 2-3 years time...but having bought at 862 this year, and now its at over 7,000, I can only assume it will continue to rise. With all that the banks are facing what with being built on nothing and all, I think that this currency could even change the power base in the world. Reposted to my blog as I am a total novice trying to learn all I can. Thank you for posting!
At this point, it's very likely to pass the 10k$ mark. Honestly I think we will have a small regression like the past times it went bullish, then another peak will come.
We are excited for bitcoin price 10k.
yah..
আমি তোমাকে আপভোড দিয়েছি।তুমি আমাকে আপভোড দাওhttps://steemit.com/@monirol-islam
10K by end of year, no problem, sounds like reality already, but maybe the real milestone is a bit earlier..
it's coming, can you feel it? it just might become... over 9000!!
Please me vote comment
it would surely go there..
Bitcoin remains close to record highs on Wednesday after rising above $ 8,000 for the first time in nine years on Monday, fueling worries about an asset bubble.
On the Bitfinex stock exchange based in the United States, Bitcoin was at $ 8,270.90 at 08:05 AM ET (01:05 PM GMT).
On Tuesday, he touched $ 8,310.20, a high since his inception nine years ago, before losing more than $ 400 after a $ 31 million flight of cryptocurrency revived market anxiety.
Bitcoin, which is known for its strong fluctuations, tends to bounce back quickly.
oho really thanks for good information ever..
can you please describe me about the prediction of sbd steam dollar @jrcornel
i think Bitcoin to end this month at $10,000
good information bro,I hoop ypu upvote and following me.
Good times head, just wish i found out about bitcoin sooner
suppose BTC will hit 10000 then what next. No one knows what will happen, may be its a rumor and speculation is going on by big player. There is no reason for it to rise. There are more then thousand but why only BTC and few others. Time to think and move ahead.
Sometimes the rise of bitcoin is so frightening - fast and furious and no idea what it'll be like 1 year from now going at this rate - probably no asset class has ever risen like bitcoin before..
Just hope the saying, the bigger they are the harder they fall doesn't come true here..
He's simply predicting that the current 150 day moving average of the last year will continue which I have too for a couple of months now. There's strong fundamental behind this predictions. I tend to think the 150 day moving average of the last year will last for a couple months if not years.
Not sure what you are saying here... The 150 day moving average will not be anywhere near $10,000 within the next month or two, unless of course bitcoin is trading at about $20,000.
I realize that's my mistake of not understanding the 150 day moving average well enough. I've just rechecked it and realize what I was doing was making no sense in regard to DMA.
What I was doing was simply to take the price growth over the last year of roughly 1000% and extrapolated this. This wouldn't put Bitcoin price above 10k but closer to 9k as I've just calculated. And I'm not sure about my math at all.
I'm not sure your math about the 150DMA is good either.
Here's one interesting graph I found on the 200DMA.
https://steemit.com/bitcoin/@cryptovoices/chart-16-bitcoin-200-day-moving-average-price-multiple
yes you are right and what is happening now on the market telling us the same thing
it's lot of great information. very good for every one to more understanding how to prediction future.
Exciting times ahead 😈
In the new year night, I will be saying long live Bitcoin and crypto world! To a better future together!
😱😱😱
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10K is nothing compared to Bitcoin's potential!
there may be some fluctuations in case CME futures launch date gets postponed (quite realistic based on some news reports).
Overall BTC should surpass 10K pretty soon.
i think hitting 10K will come sooner. i would say this is a great booster to bitcoin and as well as other cryptos. good luck!
His target seems realistic, the charts are bullish and investors are on the rise. In my opinion bitcoin is at the beginning of the second stage of the adoption process.
10k is the beginning! Yesss to new ways! Abundance flow to ALL! I am new here hope to connect with more of you, let's flow the abundance and grow as one! I up-voted and loving it! My first post follow me
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Every currency has its critical point, when the value just can't rise higher... I'm pretty sure Bitcoin will reach it sooner than later. It's possible Bitcoin value will reach $10.000 very soon, but where is the point it will become useless outside exchanges and we will see Litecoin (or some new altcoin) take its place outside exchanges.