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Novogratz Announces Price Forecast for Bitcoin

Galaxy Digital Holdings CEO Mike Novogratz is on the side that believes Bitcoin (BTC) has a chance to rise. Novogratz said that the biggest cryptocurrency could hit $30,000 or above before the end of March.

Speaking at the Bank of America conference, according to Bloomberg’s report, Galaxy Digital Holdings CEO Mike Novogratz said that if 2023 is completed by BTC reaching $30,000, he will be the “happiest man” and added:

“When I look at price movements, when I look at the excitement of customers calling, I see FOMO has formed. It wouldn’t surprise me if we were at $30,000 by the end of this quarter.”

This estimate is well below other estimates Novogratz has made in the past. Galaxy CEO stated in a past prediction that he believes Bitcoin could reach $ 500 thousand by the end of 2027 if the US Federal Reserve (Fed) continues to increase interest rates. On the other hand, Novogratz drew attention to the stance of Fed Chairman Jerome Powell, who announced a 25 basis point rate hike on February 1. Expressing that he does not expect the Fed to change its stance anytime soon, Novogratz said:

“What makes me doubt that we can return to hard, old highs this year is Fed Chairman Powell. He’s really doing what he says he’s going to do, and I don’t expect the Fed to change course and cut rates anytime soon.”

After the Fed’s interest rate hike in February, after Powell stated that inflation in the USA began to slow down, Bitcoin rose above $ 24,000 in a short time and then fell below $ 22 thousand.

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