- Mike Novogratz, the famed hedge funder turned crypto-junky, is shelving a plan to start a cryptocurrency hedge fund, he told Bloomberg News.
- The crypto investor thinks the price of bitcoin could hit as low as $US8,000 a coin.
- He told CNBC in November it could reach as high as $US40,000 in a couple of months.
A famed hedge funder turned crypto enthusiast says the bull market for digital coins is “pausing”.
Michael Novogratz is shelving his plans to start a crypto hedge fund, Bloomberg reported Friday. And in a tweet about the plummeting bitcoin price, Novogratz said: “My hunch is we consolidate between 10-16k for a while. Extreme would be 8k.”
The bitcoin bull market isn’t over, “just pausing,” he added.
Just last month, Novogratz said bitcoin could go as high as $US40,000 within a couple of months during an interview with CNBC. It was first reported by Bloomberg that Novogratz was planning to raise $US350 million or more for a crypto-fund by January from institutional investors and family offices.
Cryptocurrencies across the market were under pressure Friday. Bitcoin was trading down more than 15% at last check.
“I look pretty smart pressing the pause button right now,” Novogratz told Bloomberg.
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.