Bitcoin may fall to $8k Level says Michael Novogratz and puts his fund on hold

Nishanth Shetty

Nishanth Shetty

December 23, 2017 6:25 am

Bitcoin may fall to $8k Level says Michael Novogratz and puts his fund on hold | Coindelite News
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Bitcoin Price Prediction

The financial person Michael Novogratz, Fortress Investment Group executive, said in September that he had planned to begin a cryptocurrency hedge fund. Now the report says, the investor is going to hold his, fund as he is not confident as he once was on bitcoin‘s price. Novogratz thinks that the price of bitcoin will fall under $8,000 level in the short-term period.

Michael thought the bitcoin prize would reach $40k at the end of 2018

Bitcoin Market have already seen a bearish decline and the price down seems to be depressing some of the most important supporters. Michael Novogratz has been a good believer in bitcoin and other cryptocurrencies for quite some time, and back in September he said, he was creating a digital asset hedge fund. Meanwhile, Novogratz told he would build a $500 million dollar fund by investing $150 million of his own funds. The financial person described the fund would be invested in particular currencies as well as initial coin offerings.

Novogratz described back in November in CNBC News:

“Bitcoin could be at $40,000 at the end of 2018 — It easily could reach”

Novogratz and Partners has decided to hold cryptocurrency Hedge Fund

Anyhow, after the bitcoin’s value which lost its value in less than a week, Novogratz is less confident about the price. Novogratz has said he is planning to “shelve the cryptocurrency hedge fund” since he sees bitcoin’s price falling more. He also believes that the price could dip to $8,000 range in the short term.

Novogratz described in Bloomberg’s during a phone conversation:

“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.”

Traders, Bitcoin-Based ETF Applicants, and Crypto-Enthusiasts are not worried about the price drop

The decision Novogratz made tallies the recent launch of mainstream futures options connected to the bitcoin through the firm’s Cboe and CME Group. Moreover, many firms are more excited regarding the launch of bitcoin-based exchange-traded funds (ETF) now the bitcoin futures have already launched. Critics think that the U.S Commodity Futures Trading Commission (CFTC) and Securities and Exchange Commission (SEC) will soon approve the ETFs recently filed by Rex, Vaneck, Protoshares, and the NYSE. Novogratz’ decision to put the hedge fund on hold shows the recent dip has shaken the huge investors.

Anyhow, the current BTC price decline has not affected the bitcoin enthusiasts, as one tweeted on Twitter:

“Bitcoin has “crashed” 30 percent six times in 2017 —  Each “crash” has been followed by an increase of: 76%, 237%, 183%, 165%, 152% —  Bitcoin takes seven steps forward, two steps back, seven steps forward, two steps back —  Every two steps back is heralded as the end of bitcoin…Relax!.”

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