The post Mike Novogratz Reveals Surprising Year-End Prediction For Bitcoin appeared first on Coinpedia Fintech News
For cryptocurrencies, the past year has been challenging due to a string of scandals and falling prices. Yet on Thursday, prices increased across the board for cryptocurrencies, with Bitcoin reaching a six-month high. The most recent Consumer Price Index (CPI) report exceeded forecasts, yet it had minimal effect on the cryptocurrency market.
Galaxy Digital’s Mike Novogratz stated on Wednesday that he anticipates bitcoin’s price to reach $30,000 within a few weeks, but he would be thrilled if it were to remain there by the end of the year. Novogratz maintains his optimism in the cryptocurrency market, pointing out the rising level of investor interest and the buzz generated by the sector.
As reported by Bloomberg, in a Bank of America conference, Novogratz reportedly stated that he would have been the “happiest guy” if Bitcoin would reach $30,000 at the end of 2023. Nevertheless, he added, “When I look at the price action, when I look at the excitement of the customers calling, the FOMO building up — it wouldn’t surprise me if we were at $30,000 by the end of the quarter.”
He added, “I would’ve given both my shoes for that to be true just six weeks ago. Like if we end the year at $30,000, I will be the happiest guy.”
Novogratz acknowledged that this is a substantial decrease from his projection of $500,000. He blamed the Chairman of the U.S. Federal Reserve Jerome Powell’s interest rate increases, which have stymied Bitcoin’s development.
“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,” he said.
To reach Novogratz’s $30,000 goal, the token would need to increase by another 22%. Even so, it would be far below the record high of $69,000 it hit in November 2021, at the height of the previous bull market.
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