Novogratz Says “Bitcoin Will Not Cross $9k In 2018”

Mike Novogratz, CEO of crypto investment firm Galaxy Digital Capital Management, has once again modified his Bitcoin (BTC) price outlook. The hedge-fund manager stated he doesn’t anticipate BTC to break the $9,000 resistance in 2018, according to a report by CNBC.

Novogratz, who participated in Finance Disrupted conference (The Economist Event) in New York on Oct. 2 told the following on stage “I don’t think it breaks $9,000 this year.” Novogratz also blamed the current falling prices on the activities of companies in the sector who are offering crypto “just to fund the burn rate of the industry.”

He emphasized that these firms are not gaining “anywhere near” the revenues they made during last year’s “crypto boom,” which implies that they are hardly managing to cover employee salaries and functioning costs.

Last November, when crypto prices skyrocketed, Novogratz forecast that Bitcoin could rise to $45,000 in a span of 12 months. Later this summer, Novogratz changed his forecast a little by explaining that mass acceptance of crypto and blockchain technology was nevertheless five to six years away.

In spite of that, he still conveyed optimism by stating that a lot of organizations will join the industry “in the next two to three years.” In mid-September he stated that crypto prices have reached rock bottom.

Soon after, he emphasized his opinion, stating that crypto markets are encountering “seller fatigue.” However, he underlined that Bitcoin’s price was still rather steady, possibly drawing in speculator attention.