A former hedge fund manager and Bitcoin bull has said that the cryptocurrency won’t bounce straight back, it will grind back to previous highs.
Mike Novogratz, a former hedge fund manager and founder of crypto asset management firm Digital Galaxy Management, was speaking yesterday at Yahoo Finance’s “All Market Summit” in New York.
He was talking about Bitcoin. As a familiar face within the cryptocurrency world, Novogratz has been known to give price projections in the past. Last November, at a time when the market was experiencing heightened interest, he stated that Bitcoin could “easily” reach $40,000 by the end of 2018.
As the industry has seen, however, 2018 has been anything but easy for the market. In fact, the number one digital currency has failed to get any higher than the $8,000 mark since dropping from an all-time high of nearly $20,000 last December.
At the time of publishing, Bitcoin is trading at over $6,700, according to CoinMarketCap. Over the past 24 hours, it has risen by 4.53 percent.
Yet, despite dropping nearly 70 percent in value since December, Novogratz remains confident in it. Earlier this month, he tweeted that it had finally reached a bottom and that the market will bounce back.
In more recent news, the New York Post reports him at the market summit saying:
This is real. This is not tulips. We will have an internet 3.0.
Even though Bitcoin hasn’t gained much traction past the $6,000 mark in recent months, the Digital Galaxy Management founder is of the opinion that a comeback will arrive. Notably, despite his previous optimism of a bounce back, he did concede that it won’t be a quick one. He said:
It’s not going bounce straight back. This is going to be a grind back.
Tim Draper Still Sticking to Price Prediction
Venture capital investor Tim Draper, however, remains bullish on Bitcoin’s price.
Back in April, he projected that it would reach $250,000 by 2022, whereas the combined market would be worth $80 trillion. A soaring high from its current $217 billion.
In an interview with TheStreet yesterday at the Crypto-Finance-Conference in California, Draper said that his timeline hadn’t changed in light of stagnant market prices. Instead, he reiterated his previous claims by saying:
This is going to be so big so if you see a dip, jump in. Maybe it will dip further but boy, I made that prediction and I’m sticking to it. $250,000 by 2022 for Bitcoin.
Last November, he also stated that cryptocurrencies will replace fiat in the next five years.
What do you think of Novogratz’s comments? Do you think it will be tough for Bitcoin to reach new highs again? Let us know in the comments below.
Images courtesy of Shutterstock and CNBC.