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Bitcoin Price Will Reach $20,000 Before the Year Ends, Believes Mike Novogratz

Sometime last month, Bitcoin hit its 2019 highest point at $13,800, to continue its rally it had begun since early April when the bear market from last year ended. Shortly after, the king coin lost about $2,000 and fell back to $11,000, upsetting Billionaire bitcoin bull, Mike Novogratz.

At the time, Novogratz expressed regret at not selling “a lot” more but his recent pronouncement that Bitcoin will reach $20,000 before the year runs out means that his faith, if it wavered at any point, might be fully restored.

During a Bloomberg interview, the Galaxy Digital CEO, Founder and Chairman, was asked about his opinion regarding Bitcoin’s possible increase in the near future. Novogratz opined that Bitcoin notably moved gradually from $4,000 all the way to about $13,500 and he predicted that there will be consolidation between $10,000 and $14,000.

For this consolidation, he notes that $8,500 should be the lowest even though he strongly wishes prices don’t fall that low. He explains this, and then clearly states that Bitcoin should revisit its previous all-time high before the year ends:

“$8,500 should be the low that holds [and] I’m hoping it doesn’t get down there, but if it does, it wouldn’t surprise me. And then I think as these institutions that have gotten kinda gotten excited again, maybe toward the end of the year – hopefully sooner – we push out of that range and we go back to the old highs of $20,000.”

Some people currently believe that the fate of the Libra is unsure and the earlier proposed launch date placed somewhere in the first half of 2020 by Facebook, might be a pipe-dream because of regulatory concerns. A blockchain research fellow at the University College London, recently posited that Libra might not receive any approval from regulators within the next 12 months.

Regardless, Novogratz believes that the setback is specifically for Facebook and not a problem for the cryptosphere in general. Novogratz who has previously described the Libra as “game-changing” said:

“If there was one thing that’s clear [about the recent Facebook Congress hearings] it’s that both the Republicans and the Democrats are really angry at Facebook. And so the hearings were more anti-Facebook than they were anti-Libra or anti-crypto.”

However, he explains that even though Facebook has some “trust deficit”, people should be able to take some solace in the fact that the Libra won’t be owned by Facebook alone but by the Libra Association, which is expected to hit 100 members by the time Libra would be launched.

Speaking about the Libra Association, Novogratz said:

“You’re talking about the biggest companies globally that are going to participate in this global system – that’s a game changer. It says that all those companies believe that crypto will be part of the future financial and consumer infrastructure of the world.”

Bitcoin Price Will Reach $20,000 Before the Year Ends, Believes Mike Novogratz

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