Outspoken cryptocurrency bull and founder of Galaxy Digital Capital Management Mike Novogratz believes that institutional investors will be the catalyst that brings Bitcoin to “new highs,” but it won’t be until Q1 or Q2 2019, according to his recent comments.

Novogratz called a “bottom” in Bitcoin last month, and despite his lofty predictions for the overall cryptocurrency market cap, which Novogratz predicts will hit $20 trillion, he remains pessimistic on Bitcoin’s performance in 2018. The Galaxy Digital founder who had first claimed it was “impossible” for Bitcoin not to hit $10,000 in 2018, is now expecting that the leading cryptocurrency by market cap won’t break $9,000 this year.

That won’t happen, Novogratz says, until the tail end of Q1, into Q2 2019. Novogratz explained, while speaking to Bloomberg:

“...I think Q1 [or] Q2 [2019] if the institutions start coming in, we’ll put in new highs.”

Novogratz made the prediction when asked about this thoughts about the recent news that Fidelity Investments was entering the cryptocurrency space. Novogratz anticipates Fidelity getting their operation “up and running” in January, and that’s when we can expect to “start seeing institutional flows into purely cryptoassets late first quarter [or] early second quarter.”

Speculators in the cryptocurrency community strongly believe that institutional investors will drive the next major rally, and Novogratz agrees. He believes that as soon as institutional money begins flowing into the market, the “same FOMO that you saw in retail” that sparked the 2017 bull run, will happen again only this time driven by institutional investors.

Novogratz isn’t the only Bitcoin bull to make wild predictions about its price. Both Reddit co-founder Alexis Ohanian and Pantera Capital CEO Dan Morehead believe that Bitcoin’s previous all-time high is achievable in 2018, and that Bitcoin could even exceed the previous high of $20,000 from back in December. Fundstrat’s Tom Lee – one of cryptocurrency’s most vocal bulls – recently lowered his estimate to $22K by the end of the year, but wouldn’t be surprised if it hits his previous target of $25K.