Novogratz believes that the basis for the price increase will be an increase in the adoption of bitcoin among institutional investors and, as a result, a large financing flow. He stressed that even traditional players are increasingly interested in cryptocurrencies.
“Bitcoin should break through the resistance level at $6,800 and end the year at $8,800 or $9,000. By the end of the first quarter of 2019, we will reach $10,000, and then we will go to new heights - $20,000 and more,” Mike Novograc said in an interview with Financial News.
Despite the fact that the cryptocurrency industry must be decentralized and, as some believe, unregulated, in the opinion of the former banker, it will only gain from regulation. Regulation of Bitcoin will push its price up, attract more institutional investors and protect them from fraud.
This opinion is also shared by the head of the BlackRock investment corporation, Larry Fink. He noted that the company will not offer cryptocurrency exchange-traded funds until the industry is clearly regulated by law.
Earlier, Novogratz has repeatedly stated that the price of Bitcoin would not exceed $10,000 by the end of the year. He believes that stepped-up pace takes more time, and the long-awaited wave of institutional investors, who will be able to raise prices higher, will be observed only next year.
Now, let's move to the technical analysis of Bitcoin (BTC):
As we predicted yesterday, Bitcoin came out of the channel downwards, again reaching the support level of $4,014. Judging by the way he bounced up, we can state that the support level of $4,014 withstood. It's Friday, and we expect Bitcoin to rise even higher over the weekend. The nearest support level is $4,183. The nearest resistance levels are $4,640, $5,140.
Technical analysis of Ethereum (ETH):
Ethereum also fell below the support level of $118, as we expected yesterday, reaching a mark of $112. Judging by the graphical analysis, ethereum found a foothold. We expect it to grow over the weekend, this is indicated by the Williams indicator. The nearest support level is $118. The nearest resistance levels are $131, $138.
Technical analysis of Ripple (XRP):
Ripple also did not spoil our yesterday's forecast. It broke through the support level of $0.38, reaching $0.36. After that, it turned around and headed up. We expect its further upward movement. The nearest support level is $0.38. The nearest resistance levels are $0.42, $0,4350.
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