Galaxy Digital CEO Mike Novogratz says he wouldn’t be surprised if the price of bitcoin returns to $30,000 next month. “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,” the executive shared.
Bitcoin Could Return to $30,000 in Q1, Says Novogratz
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. He said:
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.
“I would’ve given both my shoes for that to be true just six weeks ago,” he added, noting that it would’ve made him “the happiest guy” if BTC ended 2022 at $30,000.
The Galaxy Digital CEO was previously more bullish about the price of bitcoin. He said in March last year that 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.
The Galaxy Digital boss 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.
A number of people 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.
What do you think about Galaxy Digital CEO Mike Novogratz’s bitcoin price prediction? Let us know in the comments section below.