After less than two weeks since last predicting that the price of Bitcoin (BTC) could reach as high as $10,000 by year-end, Michael Novogratz, the CEO of cryptocurrency focused merchant bank Galaxy Digital LP (GLXY), has lowered his prediction, setting $9,000 as the 2018 ceiling.
While speaking at the Finance Disrupted event in Manhattan on Tuesday, Novogratz explained that much of the downward price pressure facing the markets is driven by industry participants needing to sell their digital asset holdings “just to fund the burn rate of the industry.”
We recently reported that while 70% of ICOs are currently underwater, studies show that blockchain projects appear to have profited after selling almost all of the Ethereum they raised, amounting to roughly $5.5 billion.
While the reasoning is unclear, Novogratz also told the crowd at the event that he doesn’t’ believe Bitcoin will pass $9,000 in 2018. This revelation comes roughly 13 days after Novogratz claimed that Bitcoin could very well rebound to the $8,800 to $10,000 range before the end of 2018.
It is currently unclear what model Novogratz is utilizing to draw his predictions, or why he revised his position in such a short period, it does follow an ongoing trend of experts rapid-firing predictions on an almost weekly basis.
A price target of $9,000 equates to a roughly 36% upside from current Bitcoin prices, it’s important to note that just last November, in the midst of the major bull-run, Novogratz publicly stated that Bitcoin could ‘easily’ reach $40,000 by the end of 2018.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.