The founder and CEO of Galaxy Digital said he expects Bitcoin prices to hit $30,000 by the end of March.
Speaking at a Bank of America conference on February 15, Novogratz had this to say:
“When I look at the price action, when I look at the caller excitement, the FOMO buildup, I wouldn’t be surprised if we were at $30,000 at the end of the quarter. And I would have 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’ll be the happiest guy.”
Bitcoin has seen its biggest daily gain in over a month, rising 12% in the last 24 hours.
Bloomberg Crypto quoted Novogratz as stating that he would not be surprised “if we were at $30,000 at the end of the quarter.”
Bitcoin to $500K in Five Years
To hit Novogratz’s price prediction, BTC only needs to rise 21.5% more from current levels.
The venture capitalist has been bullish on the king of cryptocurrencies before, with an outlandish forecast that prices would hit $500,000 for one BTC by 2024. He still sees the asset reaching that level, just not in the next five years.
He blamed the Federal Reserve’s interest rate hikes for the extended forecast.
“The thing that makes me skeptical that this year we can have explosive highs and back to old is Chairman Powell,” Novogratz said, before adding that “he’s really doing what he says he’s going to do, and I don’t see the Fed turning and cutting in the short term”.
Higher interest rates make cash a more attractive investment for passive income. Additionally, the threat of a recession still looms, which means less disposable income to spend on high-risk assets like cryptocurrencies.
BTC’s latest big move has improved market confidence amid Uncle Sam’s regulatory war against cryptocurrencies. The Bitcoin Fear and Greed Index is currently registering a 62, which is firmly in greed territory.
BTC Price Pumps
BTC prices have risen an epic 11.8% on the day to reach $24,711, according to CoinGecko. The asset is now trading at an eight-month high, reaching a price level not seen since mid-June. It also wiped out all losses in the February dip, breaking above levels before the FTX crash.
Analysts note that there is not much resistance between $25K and $30K, adding that Ethereum could also revisit $2,000 soon if the momentum continues.
Satoshi Flipper tweeted that “there isn’t that much resistance between 25 and 30k from where I’m looking at things. The bulls still feel like it, it feels. You also have to believe $ETH 2k is just around the corner.”
By Audy Castaneda
