Mike Novogratz, founder and CEO of Galaxy Digital Holdings Ltd, said that Bitcoin’s price might reach $30,000 by end of this quarter, significant increase from its current price
Galaxy Digital CEO Mike Novogratz has revised his Bitcoin price prediction, stating that he would be content if the digital currency hit $30,000 by the end of this year.
Novogratz admitted that this is a significant reduction from his overly ambitious forecast of $500,000.
He attributes the downgrade to U.S. Federal Reserve Chairman Jerome Powell’s interest rate hikes, which have hampered Bitcoin’s progress.
Novogratz, however, remains optimistic about the crypto market, highlighting the growing interest among investors and the buzz surrounding the industry.
As reported by U.Today, Novogratz predicted back in March 2022 that the flagship cryptocurrency would be able to reach $500,000 in five years.
However, in December 2022, he admitted that it was no longer possible for Bitcoin to reach that milestone, blaming the cryptocurrency crisis and the implosion of several exchanges.
On Wednesday, as reported by U.Today, the largest cryptocurrency managed to top the $24,000 level despite severe regulatory pressure in the U.S. and the surging U.S. dollar index (DXY).
Last month, the cryptocurrency mogul described the current outlook for crypto as neither terrible nor fantastic. While he believes that the regulatory environment presents a challenge, he thinks that people will cut costs and survive the transition period.
Novogratz also noted that Bitcoin and Ethereum prices have remained steady in the face of bad news this month, with leveraged traders exiting their positions and creating what he calls a “clean market.”