The general take on Bitcoin’s performance from industry players communicates a single point: prices will go up from here. While there’s still a lurking fear among some Bitcoiners who are skeptical about the permanence of the bull run, analysts and investors are predicting that the crossover above $10,000 will take Bitcoin to as high as $20,000.
The most recent bullish price prediction has now been made by former hedge fund billionaire Michael Novogratz, Galaxy Digital’s founder, CEO, and chairman. The CEO is predicting that Bitcoin could hit $14,000 this year. However, this is less of a technical forecast and more of a fundamental prediction. As the traditional finance system continues to struggle through inflation, Novogratz is stating that the result will lead Bitcoin to hit new highs. Precisely $14,000 in the next three months and go up to $20,000 by the end of the year. If Bitcoin follows through, this would mean that prices could increase by almost 27%.
Retail interest according to the CEO, has moved from the stock market to Bitcoin, hence the current bull run.
He can be quoted saying :
“Bitcoin still has a lot of retail interest in it. A lot of that retail interest shifted to the story stocks, to the tech stocks, because they were just more fun, yesterday you saw a lot of money shift back over to gold and bitcoin.”
While most Bitcoin predictions tend to illustrate the disparity between the big bull and other assets, especially gold, Novogratz is saying that gold will take an upward trend in the same manner that Bitcoin will. With Gold having a long-lasting reign in the market, Novogratz explains that it is easier to access the asset.
He further notes that the adoption rate for Bitcoin seems to be higher and different, different in that investors may seek to put money in both assets for different reasons. Like most analysts have previously said, adoption for gold is birthed by a need to sustain stability, while Bitcoin investors are more interested in the currency’s inherent features.
In his words :
“Gold has been around for 3,000 years. It’s pretty easy to buy. There’s an adoption game in bitcoin that you don’t have in gold. But I like them both.”
The second stimulus cheque of $1,200 is about to go into circulation. The multi-billion-dollar package will add to liquidity and cause investors to turn to Bitcoin for safety.
The CEO, like many other Bitcoiners, has put in a significant amount of money into Bitcoin. He said that 20% of his net worth has gone into Bitcoin, but with Gold, he seems less bullish, saying that he holds a 5% position.