According to a Bloomberg report published on Feb 15, Galaxy Digital CEO wouldn’t be surprised if bitcoin hits $30K this quarter. He thinks the price rally could sustain until the end of March. This recent positive bitcoin price action has been linked to a slowdown in the United States.
Novogratz says bitcoin can hit $30K this quarter.
Galaxy Digital Holdings CEO Mike Novogratz believes there is a chance that the world’s largest cryptocurrency in daily trading volume, Bitcoin, could return to 30,000 USD or above before the end of March.
According to a Feb 15 Bloomberg 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 Bitcoin trading at 30K USD. However, he added that when looking at the price action, he could see the FOMO building up, and it would be surprising for him if Bitcoin reached the 30K USD price mark by the end of this quarter.
The prediction is much lower than others Novogratz has made regarding Bitcoin in the past few years. The Galaxy CEO once said that Bitcoin could reach upto half a million dollar price mark by the end of 2027 if the United States Federal Reserve kept hiking interest rates.
During Wednesday’s conference, Novogratz again mentioned the rate hike by Fed chairman Jerome Powell, who most recently announced an interest rate of 25 basis points on Feb 1, 2023. Alongside the Fed’s February rate hike, Powell indicated inflation in the US had begun to slow, which saw Bitcoin shortly above 24,000 USD before declining below 22,000 USD. Novogratz said he did not expect the US Feds to change its tune anytime soon.
Bitcoin gained nearly 12 per cent on Feb 14
As per the Bloomberg report, Galaxy Digital CEO wouldn’t be surprised if bitcoin hits $30K this quarter. Following the US Consumer Price Index readout from Jan, coming in roughly as expected on Feb 14, Bitcoin gained nearly 12 per cent in 24 hours and hit over 24,700 USD, its high level since mid-August.
Sentiment toward crypto also appears healthy, with the crypto Fear and Greed index climbing nine points to 62 out of 100 and moving the scale from neutral into greed territory, which is quite good for the industry. However, Bitcoin still needs to gain roughly 22 per cent by the end of march to reach Novogratz’s predicted price.
What do you think about Galaxy Digital CEO statements? Do you think Bitcoin’s price can reach 30K USD by the end of March? Let us know in the comments below. And, if you found our content information, share it with your family and friends.
Also Read: Charlie Munger calls buying crypto ‘stupid’ and ‘ridiculous.’
