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Mike Novogratz Lowers His 2018 Bitcoin Price Prediction

October 4, 2018 at 18:09 by Arathur Stephen

Mike Novogratz, the executive officer, and founder of a renowned investment firm, Galaxy Digital Capital Management, is an influential figure in the crypto world and is well known as an outspoken cryptocurrency guru.

However, while speaking at the Economist’s Finance Disrupted 2018 conference, on October 2, Novogratz, for the second time, lowered his Bitcoin price prediction– at least in the short-term – for 2018.

Previously, the CEO had predicted the price of Bitcoin to rally above $40,000 before the end of 2018. The Forbes-ranked billionaire has long been bullish on the price of Bitcoin. But yesterday, he said that it is impossible for Bitcoin price to surge above the $9,000 hurdle before the end of this year.

While offering his short-term bearish forecast, the billionaire was quoted by CNBC reports as saying:

I don’t think it breaks $9,000 this year…

Novogratz said that the current drop in price is caused by some blockchain companies that are selling their digital assets just to fund their payroll and other operational costs.  The perennial Bitcoin bull expects another rally to occur when institutions are driven to invest for fear of missing out (FOMO).

However, if we are to go by Novogratz’s current prediction, it means that Bitcoin price could gain more than 40%.

Meanwhile, the Wall Street Journal on Tuesday revealed that the Bitcoin price manipulation was being carried out by Bots. This news did not come as a surprise to crypto investors and advocates. However, the cryptocurrency market is becoming apparently fragile since large exchanges manipulate the price of cryptocurrencies.

Further, the WSJ yesterday released a mini-documentary about cryptocurrencies in which staff created a new coin called WSJCoin. The purpose was to show people how easy it was to create virtual currencies.

Following the many ethical questions that were raised in the WSJCoin project, the editor for ethics and standards, Neil Lipschitz, stated that;

We’re not in the business of getting into the cryptocurrency world; we’re here to report it and to explain it, just like we report on banks but we don’t go out and start a bank, We’re not going to create a currency.

Today, Bitcoin, the number one digital currency by market cap ranking, along with other cryptocurrencies have been able to sustain trading in the green since the opening of Thursday’s session.

The BTCUSD pair is trading at $6,530 as at 9:43 GMT which is slightly lower than the intraday high of $6,565. This price jump suggests that there is a possibility that the price will continue the upward momentum. If it happens, Bitcoin will likely find resistance at the $6,600 level.

If you have any questions and comments on Bitcoin today, use the form below to reply.

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