Early Bitcoin And Ethereum investor, Michael Novogratz, who has been one of the biggest Bitcoin bulls in the past, believes now that the price of the cryptocurrency may plunge briefly as low as $8,000 before stabilizing somewhere around 10-16K.
Mike Novogratz, who made many headlines in the past calling bitcoin a bubble while investing $20 Million in BTC as well as predicting Bitcoin rising to $10,000 by next April and $40,000 in 2018, has turned around. He now says that Bitcoin could drop to $8,000 shortly, before rebounding above $10,000. He believes that the market price will stabilize somewhere in the $10,000-16,000 span.
Novogratz was also planning to raise $500 Million for a hedge fund which would invest in cryptocurrencies. The fund, expected to be launched this December, would be the largest to date focusing on cryptocurrencies. But, given his bearish outlook on BTC price, he announced that he had paused this plan for a while.
Speaking at Bloomberg, Novogratz said:
We didn’t like market conditions, and we wanted to re-evaluate what we’re doing. I look pretty smart pressing the pause button right now.