The Galaxy Digital founder and chief executive said he expects Bitcoin prices to reach $30,000 by the end of March.
Speaking at a Bank of America conference on Feb. 15, Novogratz said:
“When I look at the price action, when I look at the excitement of the customers calling, the FOMO building up, it wouldn’t surprise me if we were at $30,000 by the end of the quarter.
And I would’ve given both my shoes for that to be true just six weeks ago,” he continued before adding, “like if we end the year $30,000, I will be the happiest guy.”
Bitcoin has seen its largest daily gain in over a month, with a whopping 12% surge over the past 24 hours.
“It wouldn’t surprise me if we were at $30,000 by the end of the quarter,” Galaxy Digital CEO Mike Novogratz said https://t.co/8ngwzbiQKJ
— Bloomberg Crypto (@crypto) February 15, 2023
Bitcoin to $500K in Five Years
To reach Novogratz’s price prediction, BTC only needs to climb a further 21.5% from current levels.
The venture capitalist has been bullish on the king of crypto before, with an outlandish forecast that prices would reach $500,000 for one BTC in 2024. He still sees the asset hitting that level but not in the next five years.
He blamed the Federal Reserve’s interest rate hikes for the extended prediction.
“What makes me skeptical that we can have the explosive, back-to-the-old highs this year is Chairman Powell,” Novogratz said before adding “he’s really doing what he says he’s going to do, and I don’t see the Fed pivoting and cutting anytime soon.”
Higher interest rates make cash a more attractive investment for passive income. Additionally, the threat of a recession is still looming, which means less disposable income to spend on high-risk assets such as crypto.
The latest big move for BTC has improved market sentiment amid Uncle Sam’s regulatory war on crypto. The Bitcoin fear and greed index is currently registering a 62, which is firmly in greed territory.
Bitcoin Fear and Greed Index is 62 ~ Greed
Current price: $24,304 pic.twitter.com/zbGEVo6wMq
— Bitcoin Fear and Greed Index (@BitcoinFear) February 16, 2023
BTC Price Pumps
BTC prices have surged an epic 11.8% on the day to reach $24,711 at the time of writing, according to CoinGecko.
The asset is now trading at an eight-month high, reaching a price level not seen since mid-June. It has also wiped out all losses in the February dip, blasting past levels before the FTX collapse.
Analysts are noting that there isn’t much resistance between $25K and $30K, adding that Ethereum could also revisit $2,000 soon if the momentum continues.
Hmm not that much resistance between 25 & 30k from where I see things. Bulls still itching for it, it feels like. Also have to believe $ETH 2k is around the corner.
— Satoshi Flipper (@SatoshiFlipper) February 16, 2023