Bitcoin price is currently struggling to keep its head above water at $10,000, but that has not stopped bullish investors from believing that the cryptocurrency will reclaim its all-time high before the end of the year.
He made the prediction while reflecting on the bullish way that the cryptocurrency has turned things around this year.
From a lowly $3200 price in mid-November 2018, Bitcoin price hit $13,500 in less than seven months, before recently retracing to the $10,000 region.
It is with that performance in mind that Novogratz made his latest prediction, adding that the cryptocurrency would consolidate between $10,000 and $14,000 in the short-term.
He also mentioned growing institutional interest around the asset class as another reason while Bitcoin will almost certainly reclaim its all-time high. This class of investors (good actors) will according to him “clean up the industry’s image,” on its way to fresh gains.
Interestingly, Mike Novogratz’s Galaxy Digital is also leading efforts to bring in more investors to the industry. This week, the firm reportedly acquired approval from the Financial Regulatory Authority (FINRA) to conduct initial public offerings (IPOs) for crypto startups.
Read original at Coinfomania
Author: Wilfred Michael