Galaxy Digital CEO Mike Novogratz said he wouldn’t be surprised if bitcoin’s price returns to $30,000 next month. “When I look at the evolution of prices, when I look at the excitement of customers calling, the FOMO (fear of missing out) that builds up, it wouldn’t surprise me,” the executive explained.
Bitcoin Could Recover to $30,000 in Q1, Says Novogratz
Galaxy Digital CEO Mike Novogratz shared his bitcoin price outlook at a Bank of America conference on Wednesday. The long-time bitcoin advocate believes that BTC could return to $30,000 by the end of next month. He said:
When I watch price action, when I watch the excitement of customers calling, the FOMO (fear of missing something) building up, it wouldn’t surprise me if we were at $30,000 at the end of the quarter.
“I would have given my two shoes for this to be true just six weeks ago,” he added, noting that it would have made him “the happiest guy” if BTC ended 2022 at $30,000.
The CEO of Galaxy Digital was previously more optimistic about the price of bitcoin. He said in March last year that BTC should be $500,000 “in five years”. However, he revised his forecast in December, saying it would take more than five years to BTC to reach this price level. He attributed his skepticism to interest rate hikes by Federal Reserve Chairman Jerome Powell.
As of this writing, bitcoin is trading at $24,567, up 8% in the past 24 hours and up 16% in the past 30 days.
The boss of Galaxy Digital explained:
What makes me skeptical that we can have explosive, historic highs this year is Chairman Powell…He really does what he says he’s going to do, and I don’t see the Fed pivoting and cut soon.
A number of people have been making bullish predictions about bitcoin lately. Rich Dad Poor Dad author Robert Kiyosaki said he expects BTC to reach $500,000 by 2025. Crypto-focused investment firm Pantera Capital said we are already in the next bitcoin bull market cycle. Investment management firm Ark Invest said bitcoin could become a multi-trillion dollar market, predicting that BTC could reach $1.48 million per piece.
What do you think of Galaxy Digital CEO Mike Novogratz’s bitcoin price prediction? Let us know in the comments section below.
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