The crypto market has been moving sideways for several weeks and has reached the lowest volatility for several years. For investors, the current situation is more frustrating than real progress. Bitcoin bull Novogratz predicts new record prices for next year which we have not seen yet.
Mike Novogratz, CEO of Galaxy Digital, continues to believe in Bitcoin and sees $ 9,000 in real terms as realistic for the year 2018. In his opinion, Bitcoin will reach new highs of over $ 20,000 next year as there will be an influx of institutional investors (freely translated):
Bitcoin has $ 6,800 to withdraw, and then we could end the year at $ 8,800 to $ 9,000. By the end of the first quarter [of 2019] we will target $ 10,000. After that, we will return to new highs – $ 20,000 or more.
Although the prices of almost all digital currencies have been steadily declining since last December, the overall market has developed further. The adaptation of blockchain technology as well as in the field of global rules and laws around adequate regulation have evolved.
Especially in the area of large security solutions for the capital of institutional investors, many precautions have been taken to facilitate investors in this segment from entering the crypto market. Coinbase received approval from the DFS (New York Department of Financial Services) to provide a custody service to Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, XRP and Litecoin through its affiliates 14 days prior.
Often unnoticed, multi-billion dollar foundations such as Harvard, Yale or Stanford Yuniversity have invested a significant amount in cryptocurrencies. According to Novogratz and other experts, it is only a matter of time before the herd mentality gains the upper hand and drives more investors into the market (freely translated):
There will be a case of institutional FOMO [Fear of Missing Out], as in retail.
Novogratz continues to argue that the crypto market will benefit from unified regulation, driving up prices. Important factors in the imminent bullrun are the involvement of financial heavyweights such as Goldman Sachs or the start of Bakkt (freely translated):
It is a bull market in institutions building the infrastructure required for money investors to invest in this area.
Analysts see the launch of the stock market as a great opportunity for the market to benefit in the long term and to see rising prices. The launch of Bitcoin Futures at the Exchange is scheduled for 12/12/2018, but there are also rumors that trading could start in November.
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Virtual currency is in many countries not legal tender, or is not backed by the government, and accounts and value balances are not subject to consumer protections. The information does not constitute investment advice or an offer to invest.
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