Billionaire crypto bull Mike Novogratz says the stage is “finally” set for institutions to jump into crypto.
Novogratz told Bloomberg a flow of new money in the space from platforms like Fidelity Digital Assets will set the stage for a Bitcoin rally to $8,000.
“Over the next six to 12 months you are going to see institutions put a small amount of their assets in digital currencies. A small amount of institutional assets is a lot of money.”
Novogratz says he expects to see a steady increase in investments from money managers, and predicts many will “want to see how it goes before committing capital.” His bullish outlook follows news that Morgan Creek Digital has successfully launched a new fund, raising $40 million from two public pensions, a university endowment, an insurance company, a hospital system and a private foundation.
Right now, the crypto markets are mixed according to the price tracker Coin360, with Bitcoin down 0.79% at $3,606.
Technical analysts are targeting Bitcoin’s next break and appear to be bullish on XRP and Ethereum in the short-term, with Tron looking decidedly more bearish.
Bitcoin
FXStreet – Bitcoin price reclaims $3,600 support: Eyes glued on $3,800
NewsBTC – BTC could accelerate gains above $3,650
Live Bitcoin News – BTC looking for break above the $3,625 resistance area [the_ad_group id=”50530251″] [the_ad_group id=”50530250″]
XRP
Blockonomi – Support remains on dips, likely to break $0.3150 and $0.3160 resistance levels
FXStreet – XRP points to the upside as the next move
NewsBTC – XRP sighting bullish break in near term
Ethereum
ETHNews – Ether bracing for next break
Blockonomi – Bulls target fresh monthly highs
Ethereum World News – Price has a few resistance levels to clear
Litecoin
CoinDesk – Litecoin’s halving is months away, but traders may already be pricing it in
CryptoPotato – LTC established ascending price channel that started forming at start of December
Blokt – LTC tests January’s high multiple times, increasing the likelihood that it will break below
Tron
Invest in Blockchain – Can bulls reverse the recently-established bearish momentum?
Blokt – TRX/USD has broken down from a short-term triangle pattern
CryptoGlobe – Short-term outlook in bullish trend, medium-term is in a range-bound market
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