Bullish Forecast for Bitcoin in 3 to 9 Months

Michael Novogratz noted that this year’s crypto markets “feel strong” due to vendor fatigue and the relaxation of regulations in China.

Michael Novogratz, the founder of crypto investment company Galaxy Digital, also made evaluations about the crypto money sector during his company’s balance sheet statement. Novogratz stated that there are two factors driving crypto overall this year. He said that the first of these is to make all the sales that need to be made, and the other is to increase the activities from Asia. The founder of Galaxy Digital said that China has removed the regulatory obligation from tech companies, this includes crypto.

Novogratz, who also comes up with Bitcoin predictions from time to time, did not give a price target, but stated that he would not be surprised if BTC was at a significantly higher level three months, six months or nine months from now. Novogratz previously predicted that Bitcoin could return to $30,000 by the end of March. Referring to US regulators’ warnings about the increased risks of doing business with crypto firms, Novogratz said:

“This is bad news for America’s chances of becoming a global leader in this field. It’s pushing people overseas and we’re fighting against it.“

In recent months, Chinese banks have been reaching out directly to crypto businesses, Bloomberg reports. Also, regulators in Hong Kong are preparing to host a meeting to help crypto firms with banking. While crypto trading is banned in mainland China, the city of Hong Kong announced its plan last year to become a hub for digital assets and Web3 firms.