Galaxy Digital CEO Estimates Bitcoin Could Reach $30,000 This Quarter

Galaxy Digital Holdings CEO Mike Novogratz thinks bitcoin (BTC) is likely to return to $30,000 or more before the end of March.

According to a Bloomberg report on February 15, Novogratz spoke at a Bank of America conference the same day, and said he would be the “happiest person” if 2022 had come to an end.

“When I look at the prices, and I look at the excitement of the customers who are calling us, the FOMO that increases, it wouldn’t surprise me if we were at $30,000 at the end of the quarter. »

This prediction is much lower than others Novogratz has made in the past. The Galaxy CEO once believed that bitcoin could reach $500,000 by the end of 2027, if the US Federal Reserve continued to raise interest rates.

Announcing #48 of Cointelegraph’s top 100 influencers in Crypto and Blockchain@nuagratz

Former Goldman Sachs partner turned crypto mogul and founder @galaxyhqa big investor who got @ArgoBlockchain‘s mining facility, and recently won an auction to buy it @GK8_Security. pic.twitter.com/ejpcFzOsYQ

— Cointelegraph (@Cointelegraph) February 15, 2023

Announcing Number 48 of Cointelegraph@novogratz’s Top 100 Crypto & Blockchain Influencers. Former Goldman Sachs partner turned crypto mogul and founder of @galaxyhq, a major investor who acquired the @ArgoBlockchain mining facility, and recently won an auction to buy @GK8_Security. pic.twitter.com/ejpcFzOsYQ- Cointelegraph (@Cointelegraph) February 15, 2023

During a conference call on Wednesday, Novogratz again mentioned a rate hike by Fed Chairman Jerome Powell, who recently announced a 25 basis point interest rate hike on February 1st. Novogratz said he doesn’t expect the Fed to change its tune anytime soon:

“President Powell is what makes me doubt the possibility of a breakout and a return to highs this year. It’s really doing what it says it’s going to do, and I don’t see the Fed pivoting and making cuts anytime soon. »

Along with the Fed’s rate hike in February, Powell indicated that inflation in the United States had begun to moderate, allowing bitcoin to briefly climb above $24,000 before falling back below $22,000.

Also Read: US Lawmakers Reintroduce Bill to Remove Barriers to Cryptocurrency Investments in Retirement Accounts

After the release of the US consumer price index for January, which came more or less in line with expectations on February 14, bitcoin gained almost 12% in 24 hours and exceeded $ 24,700, the highest level since mid-August, according to data from Cointelegraph.

Sentiment towards crypto also appears to be healthy, with the Crypto Fear and Greed Index climbing nine points to 62 out of 100 and moving the scale from neutral to greedy.

Bitcoin is expected to rise another 22% by March 31 to reach Novogratz’s predicted price.