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Michael Novogratz, the CEO of cryptocurrency focused merchant bank Galaxy Digital LP (GLXY), is a frequent contributor of Bitcoin (BTC) price predictions. Most recently, he has asserted that Bitcoin will reach new highs in early 2019 after almost a year of bearish conditions.

In a recent interview with Fn London, the former hedge fund manager further outlined his bullish thesis, citing the impending institutional adoption as the major catalyst that will drive Bitcoin to new highs.

“By the end of the first quarter, we will take out $10,000. And after that, we will go back to new highs — to $20,000 or more,” states Novogratz, who also added a year-end prediction. “Bitcoin has to take out $6,800, and after that we could end the year at $8,800 to 9,000.”

This prediction comes after Novogratz set $9,000 as the 2018 ceiling in October, which was an altered prediction from a $10,000 ceiling made less than two weeks before.

Perhaps the most significant upcoming catalyst is the December 12 launch of Bakkt, the new crypto exchange backed by Intercontinental Exchange (ICE), the parent of the NYSE. Additionally, investors are awaiting the secondary decision by the SEC regarding the 9 different Bitcoin-backed exchange-traded funds (ETFs).

Bitcoin is currently trading for $6,498.24 with a $112.7 billion market cap, making it the largest coin in the AltDex 100 Index (ALT100) and roughly 51.6% of the total crypto market.

More: Bitcoin bull Novogratz forecasts $20k for currency next year
Related: Mike Novogratz Changes His 2018 Bitcoin Price Target, Yet Again

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.