Bitcoin Bull Michael Novogratz Loses Confidence: Lowers BTC Price Prediction To $12,000 By 2020
It appears that one of Bitcoin’s most popular proponents, Michael Novogratz, has lowered his predictions regarding BTC’s price by 2020. This time, he believes that it would close above $12,000 but doesn’t really give any further thoughts on the matter.
Bitcoin Price Above $12,000 By 2020
Michael Novogratz is one of the most vocal proponents of Bitcoin. He is a former Wall Street hedge fund manager and a prominent investor, who also owns Galaxy Digital – a full-service digital asset merchant bank.
In a recap Tweet with predictions for the following year, Novogratz shared that Bitcoin will finish it trading above $12,000.
At the time of this writing, Bitcoin is trading at around $7,300 and an increase of up to $12,000 would have to see BTC gaining upwards of 64% over the next year.
Historically speaking, this is entirely within the realm of possibilities. In 2019, for example, Bitcoin started trading at around $3,700 and increased all the way to where it currently is, marking a growth of almost 100%. What Novogratz predicts would require notably worse performance.
While Novogratz is obviously bullish on Bitcoin’s price going in 2020, it’s also worth noting that he definitely seems to have lost some of his confidence.
Back in July 2019, soon after the price had reached its yearly high at around $14,000, the prominent investor said that Bitcoin can recover to its all-time highs of $20,000 by the end of the year.
He also stated that the low that we are going to see during the year will be around $8,500, which also failed to be true.
In any case, it’s important to outline that there is a very important event that has to be considered. Bitcoin’s halving is set to take place in May 2020 and a lot of people believe that the period after it will be one of significant growth, as it has been historically so far.