Galaxy Digital CEO Mike Novogratz shared his bitcoin price outlook Wednesday at a Bank of America conference. The longtime bitcoin advocate believes that BTC could return to $30,000 by the end of next month, and he wouldn’t be surprised if that happened. “When I look at the price action, when I look at the excitement of the customers calling, the FOMO [fear of missing out] building up, it wouldn’t surprise me if we were at $30,000 by the end of the quarter,” he said.
Novogratz has previously made more bullish predictions about the price of bitcoin. In March last year, he said BTC should be at $500,000 “five years out.” However, he revised his forecast in December, stating that it would take more than five years for BTC to reach that price level. He attributed his skepticism to Federal Reserve Chairman Jerome Powell’s interest-rate increases.
At the time of writing, bitcoin is trading at $24,567, up 8% in the past 24 hours and 16% over the last 30 days. Despite this, Novogratz is still skeptical that the cryptocurrency will reach its all-time high of $20,000 this year. He explained: “What makes me skeptical that we can have the explosive, back-to-the-old highs this year is Chairman Powell … He’s really doing what he says he’s going to do, and I don’t see the Fed pivoting and cutting anytime soon.”
Despite Novogratz’s skepticism, a number of people have recently made bullish predictions about bitcoin. Rich Dad Poor Dad author Robert Kiyosaki said he expects BTC to hit $500,000 by 2025. Crypto-focused investment firm Pantera Capital said we are already in the next bitcoin bull market cycle. Investment management firm Ark Invest said bitcoin could become a multitrillion-dollar market, predicting that BTC could reach $1.48 million per coin.
Novogratz’s prediction of bitcoin returning to $30,000 by the end of the quarter is a bold one, but not one that is impossible. The cryptocurrency market is known for its volatility, and it is not impossible for bitcoin to make a quick jump in price. If the optimism of other investors is to be believed, then it is possible that Novogratz’s prediction could come true.
The cryptocurrency market has seen some major changes in the past year. The price of bitcoin has skyrocketed, and the cryptocurrency has become more widely accepted. Many big-name companies, such as Tesla and PayPal, now accept bitcoin as payment. This has led to an increase in demand for the cryptocurrency, and this increased demand could be the catalyst that pushes bitcoin back up to its all-time high.
The cryptocurrency market is still in its infancy, and it is impossible to predict what will happen in the future. However, if Novogratz’s prediction comes true, then it could be the start of a new bull market for bitcoin. Investors should keep an eye on the cryptocurrency market, and be prepared to capitalize on any opportunities that arise.
