Michael Novogratz, the CEO of Galaxy Digital LP (GLXY) merchant bank, said that the Bitcoin (Bitcoin) rate will not rise above $9,000 in 2018. The crypto investor revised his previous forecast – two weeks ago he predicted that Bitcoin would overcome the $10,000 mark at the end of 2018.
"I don't think it breaks $9,000 this year,” Novogratz said at the Economist Finance Disrupted event in Manhattan, Tuesday. Many experts also believe that long-term investors need to be patient and wait for the recovery of the cryptocurrency market for a few months.
Novogratz also noted that the significant pressure on Bitcoin price is exerted by the industry participants with short-term gains, as well as cryptocurrency companies that need to cover running costs.
Note that in September Michael Novogratz said that Bitcoin is ready for an explosive growth. He predicted that the rate should have grown by 30% and overcome the $10,000 mark by the end of this year. A growing demand from institutional investors should have a positive effect on the growth of the cryptocurrency rate.
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