The price of Bitcoin has been a topic of debate since the digital asset made its mainstream debut more than a decade ago. With the continued growth of cryptocurrency, many people have come forward to offer their predictions regarding the price of cryptocurrency, both in the long and short term. Billionaire Mike Novogratz is one of them. Although he usually speaks positively about Bitcoin, Novogratz doesn’t seem to be expecting much in the short term.
Bitcoin unlikely to reach $30k?
The price of bitcoin is currently hovering between $23,000 and $24,000. As a result there is a lot of speculation about what will happen when the digital asset is finally able to break out of this boom. For many, the recent rebound has led them to believe that a rally to $30,000 is bound to happen.
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From here, the price began its descent. However, it seems that not everyone shares this near-term bullish outlook – and Novogratz is one of them.
The CEO of Galaxy Digital is considered a Bitcoin advocate. He has invested in the asset personally and professionally. However, with the current development of Bitcoin, Novogratz does not expect a recovery. Above all, he does not expect that a price of $30,000 can be reached.
In an interview with Bloomberg, Novogratz emphasized that he expects the price of BTC to continue to fluctuate between $20,000 and $22,000. He does not think progress above $30,000 is possible. The Entrepreneur:
“I would honestly be happy if we could stay in a range of $20,000 to $22,000 or $20,000 to $30,000 for a while before we take the next step.”
Factors pulling Bitcoin down
There are several factors that affect the cryptocurrency market and, accordingly, the bitcoin price. Recently, the news that the United States is entering a recession has been a catalyst for the recovery trend. But Novogratz believes Bitcoin’s performance still depends heavily on government decisions.
The Fed raised interest rates again – with a corresponding impact on the financial markets. In the current situation, every decision made by the Fed will have an impact on the digital asset as it is closely related to the macro markets at the moment. However, Novogratz believes the Fed will stop raising rates, which should have a positive impact on financial markets.
Although the billionaire does not think that the price of bitcoin can reach $ 30,000 during this boom, he is still bullish on BTC. He previously said the price of the coins will rise to $500,000.
His company is also true to its Bitcoin strategy. It has a total of 16,402 BTC, making it the third largest public bitcoin company in the world.
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Text credit: Newsbtc
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