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  • Galaxy Digital Capital Management CEO updated its forecast on Bitcoin.
  • BTC/USD hovers around $6,400 amid directionless trading.

One Bitcoin goes for $6,390 at the time of writing, as the world’s most popular digital coin struggles to return to the area above $6,400. The short-term technical picture looks unimpressive as both volatility and trading activity subsided after a short-term rebound at the beginning of the week.

The bears bumped into a strong support area created by a confluence of important technical indicators, including 23.6% Fibo retracement daily, SMA100 1-hour, SMA100 4-hour and Pivot Point daily Support 1. Once it is cleared, the sell-off may continue towards $6,200 and $6,060 (the recent low).

Longer-term investors remain optimistic

Mike Novogratz, CEO of Galaxy Digital Capital Management and one of the most prominent cryptocurrency investors, says that Bitcoin bulls woes might soon be over due to an increased influx of institutional investors. He believes that Bitcoin will return to $20,000 in 2019 as more big names will join the cryptocurrency game, creating a case of institutional FOMO (fear of missing out).

“Bitcoin has to take out $6,800, and after that, we could end the year at $8,800-9,000,” the expert explains.

In October, Novogratz said that he did not expect Bitcoin to break above $10,000 this year. However, now he believes that negative sentiments have faded away and the market is getting ready to the next bull run.  

“By the end of the first quarter we will take out $10,000 and after that, we will go back to new highs “” to $20,000 or more,” he added.

BTC/USD, 1-hour chart