Galaxy Digital Holdings CEO Mike Novogratz believes there is a chance Bitcoin (BTC) could return to $30,000 or higher before the end of March.
According to a Bloomberg report on February 15 report Novogratz spoke at a Bank of America conference the same day and said he would have been the “happiest guy” if 2022 ended with BTC at $30,000, but added:
“When I look at the price action, when I look at the excitement of the customers calling in, the FOMO buildup, I wouldn’t be surprised if we were at $30,000 at the end of the quarter.”
The prediction is much lower than others Novogratz has made in the past. The Galaxy CEO once believed that Bitcoin could hit $500,000 by the end of 2027 if the US Federal Reserve kept raising interest rates.
Announcing Number 48 of Cointelegraph’s Top 100 Influencers in Crypto and Blockchain@novogratz
Former Goldman Sachs partner turned cryptocurrency mogul and founder of @galaxyhqa large investor who acquired @ArgoBlockchainmining facility, and recently won an auction to purchase @GK8_Security. pic.twitter.com/ejpcFzOsYQ
— Cointelegraph (@Cointelegraph) February 15, 2023
During Wednesday’s conference call, Novogratz again brought up rate hikes by Fed Chairman Jerome Powell, who announced a 25 basis point interest rate hike on February 1. Novogratz said that he did not expect the Fed to change its tune anytime soon:
“The thing that makes me skeptical that we can have old-fashioned high explosives this year is Chairman Powell. He really is doing what he says he’s going to do, and I don’t see the Fed pivoting and cutting any time soon.”
Along with the Federal Reserve’s February rate hike, Powell indicated that inflation in the US had begun to ease, causing Bitcoin to rally above $24,000 soon after before falling below $24,000. $22,000.
Related: US Lawmakers Reintroduce Bill to Remove Barriers to Cryptocurrency Investments in Retirement Accounts
Following the expected US Consumer Price Index (CPI) figures for January on Feb 14, Bitcoin gained nearly 12% in the last 24 hours to hit over $24,700, its highest level since mid August 2022 according to Cointelegraph data.
Sentiment towards cryptocurrencies also looks healthy, with the Crypto Fear and Greed Index up nine points to 62 of 100, moving the scale from “neutral” into “greed” territory.
The index has not been above a score of 60 since mid-November 2021, before the price crash that kicked off the crypto winter of 2022.
Bitcoin will still need to gain roughly another 22% by March 31 to reach Novogratz’s predicted price.
