Bitcoin was hovering just $300 shy of the vaunted $10,000 mark at one point on Monday but it could “easily” reach four times that amount by the end of 2018. That’s according to former Fortress hedge fund manager Michael Novogratz.
Novogratz who is known for his accurate prediction of the Cryptocurrency price said back on Oct. 10 on CNBC’s “Fast Money” that he expects bitcoin will top $10,000 in the next six to 10 months. Bitcoin traded near $4,874 that day.
“Bitcoin could be at $40,000 at the end of 2018. It easily could,” Novogratz said again on the CNBC show Fast Money, this Monday. “Ethereum, which I think just touched $500 or is getting close, could be triple where it is as well,” he added.
Ethereum, the second largest publicly traded cryptocurrency by market cap, hit a record high of $493.40 Monday, according to CoinMarketCap.
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Novogratz attributed the cryptocurrency sector’s rambunctious growth prospects to an influx of new money, particularly from Asian investors, and to cryptocurrencies’ finite amount of units: 21 million coins in the case of Bitcoin.
Last Wednesday, Fundstrat’s Tom Lee raised his mid-2018 price target for bitcoin to $11,500 from $6,000. That followed a similar upgrade last Monday by Standpoint Research’s Ronnie Moas, who raised his 2018 price target for bitcoin to $14,000 from $11,000.