Billionaire and Galaxy Digital founder Michael Novogratz stated he believes bitcoin (BTC) will not break $10,000 in 2018, in a new interview with Bloomberg Monday.
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Additional time will be required before BTC sees a large price increase because of the anticipated addition of institutional investors that will occur next year, according to Novogratz.
“…I think Q1 or Q2  if the institutions start coming in, we’ll put in new highs,” he told Bloomberg.
In September, Novogratz predicted the bottom of the cryptocurrency market capitalization at $186 billion. Currently, the market capitalization of the entire cryptocurrency market is $211,237,115,446, according to popular coin tracking website, coinmarketcap.com.
As Novogratz gave his prediction of more institutions joining the cryptocurrency shift, Fidelity announced they will be releasing a custody solution aimed directly at institutional investors who are looking for security when purchasing cryptocurrencies.
“They’ll probably be up and running in January or Q1,” Novogratz continued.
“And then you’ve got to run some water through the pipes, so my guess is you start seeing institutional flows into purely cryptoassets late first quarter [or] early second quarter.”
Tom Lee of Fundstrat Global Advisors still is predicting BTC’s price to rise to $25,000 by years end, as well as Ethereum (ETH) soaring to $1,900, more than 40 percent the assets all-time high.