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Home » Crypto News » Bitcoin Bull Michael Novogratz Loses Confidence: Lowers BTC Price Prediction To $12,000 By 2020

Bitcoin Bull Michael Novogratz Loses Confidence: Lowers BTC Price Prediction To $12,000 By 2020

Author: George Georgiev

Last Updated Dec 28, 2019 @ 19:36

It appears that one of Bitcoin’s most popular proponents, Michael Novogratz, has lowered his predictions regarding BTC’s price by 2020. This time, he believes that it would close above $12,000 but doesn’t really give any further thoughts on the matter.

Bitcoin Price Above $12,000 By 2020

Michael Novogratz is one of the most vocal proponents of Bitcoin. He is a former Wall Street hedge fund manager and a prominent investor, who also owns Galaxy Digital – a full-service digital asset merchant bank.

In a recap Tweet with predictions for the following year, Novogratz shared that Bitcoin will finish it trading above $12,000.

2020 prediction #1. @realDonaldTrump loses by more than 10mm votes. #2 $btc finishes over 12k. #3. @USAWrestling wins 3 golds in Tokyo (MF). #4 @tomhanks wins the Oscar for Mr Rodgers. #5 @reform and it’s partners help shrink the ‘supervised’ population from 4.5mm to 4mm or <

— Michael Novogratz (@novogratz) December 28, 2019

At the time of this writing, Bitcoin is trading at around $7,300 and an increase of up to $12,000 would have to see BTC gaining upwards of 64% over the next year.

Historically speaking, this is entirely within the realm of possibilities. In 2019, for example, Bitcoin started trading at around $3,700 and increased all the way to where it currently is, marking a growth of almost 100%. What Novogratz predicts would require notably worse performance.

Losing Confidence?

While Novogratz is obviously bullish on Bitcoin’s price going in 2020, it’s also worth noting that he definitely seems to have lost some of his confidence.

Back in July 2019, soon after the price had reached its yearly high at around $14,000, the prominent investor said that Bitcoin can recover to its all-time highs of $20,000 by the end of the year.

He also stated that the low that we are going to see during the year will be around $8,500, which also failed to be true.

In any case, it’s important to outline that there is a very important event that has to be considered. Bitcoin’s halving is set to take place in May 2020 and a lot of people believe that the period after it will be one of significant growth, as it has been historically so far.

Featured image courtesy of Fortune

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About The Author

George Georgiev
More posts by this author

Georgi Georgiev is CryptoPotato's editor-in-chief and a seasoned writer with over four years of experience writing about blockchain and cryptocurrencies. Georgi's passion for Bitcoin and cryptocurrencies bloomed in late 2016 and he hasn't looked back since. Crypto’s technological and economic implications are what interest him most, and he has one eye turned to the market whenever he’s not sleeping. Contact George: LinkedIn

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