While attending a conference arranged by The Bank of America, Mike Novogratz, CEO of Galaxy Digital, predicted Bitcoin’s price in the near future.
He stated that before the end of Q1 of 2023, Bitcoin would reach the milestone of US$30,000. Novogratz has a habit of making predictions about the trading price of Bitcoin.
From time to time, Novogratz has made predictions about the trading price of Bitcoin. He even went on to claim that the price of BTC may surge to $100,000 by the end of 2023.
For now, he seems to be confident in making the prediction that BTC may hit $30,000 as the month of March comes to end.
Novogratz suggested that there are a number of aspects regarding Bitcoin that he has noticed and on whose basis predicted the value.
He explained that his Bitcoin prediction has been made by analyzing Bitcoin price movement, investors’ keen interest, and ‘fear of missing out’.
On this basis, he has been assessing Bitcoin’s value to be $30,000 prior to the end of 2023’s Q1.
He stated that he would have been more than happy to witness Bitcoin surpassing the $30k level at the end of 2022. However, he wouldn’t mind Bitcoin reaching his target even if it needed a six-weeks more.
Novogratz’s Bullish Sentiment Regarding Bitcoin
Even in the past, Novogratz had been seen as quite bullish, particularly with regard to Bitcoin. For instance, in March 2022, he predicted US$500,000 for Bitcoin after a period of 5 years.
This $500K Bitcoin prediction was later in December 2022 and was subsequently modified by Novogratz. The modified version of his Bitcoin prediction added a few more years to the original prediction.
Novogratz’s theory is that Bitcoin would continue to acquire extraordinary gains if US Federal Reserve continues to hike rates pertaining to interest.
Considering the prevailing market conditions of Bitcoin, the chances of Novogratz’s prediction coming true are 50:50.
As of this time, Bitcoin has been trading at a price range of $24,567. Since the past month, Bitcoin’s value has surged by at least 16%. Within the past 24 hours alone, Bitcoin has been moving forward by acquiring gains of up to 8%.
The dominance of the largest cryptocurrency in the entire crypto-verse has also reached a high level, moving up to 42.2%.
Novogratz is hoping that Bitcoin gains would soon be reverting back to their past highs. He is also expecting the Bitcoin economy to rampage like wildfire again soon.
He explained that both factors would very soon come into play when Federal Reserve would further increase the interest rates.
He suggested that the Federal Reserve, under the chairmanship of Jerome Powell, would not be considering cutting down on interest rates momentarily.
Bitcoin has been often predicted to reach the price range of $500,000 many times in the recent past. Even this price prediction is very much the same as had been predicted by Robert Kiyosaki, author of ‘Rich Dad Poor Dad’.
Kiyosaki also suggested that this price target would be achieved by Bitcoin after a period of 5 years at least. More or less similar are the predictions of Pantera Capital and Ark Investment.
The former is of the view that Bitcoin bulls have triggered while the latter believes Bitcoin’s economy would be a multi-trillion dollar.
According to Ark Investment’s estimate, a single unit of Bitcoin is likely to be sold at $1.48 Million.
However, Novogratz’s predictions are often regarded as ‘wild predictions’ which hardly ever come true. Yet Novogratz and his advice are still held in high esteem amongst Bitcoiners mainly because Novogratz is a Bitcoin supporter.
This time around, Novogratz’s Bitcoin prediction seems very much possible considering the coin’s progression in the market since 1st Jan 2023.
However, there are still 5 more weeks left in finding out whether Novogratz’s prediction would come true prior to 1st April 2023.