• Mike Novogratz, CEO of Galaxy Digital, believes that Bitcoin can potentially reach $30,000 by the end of the quarter.
• The executive was previously more bullish about the price of BTC, stating that it should be at $500,000 five years out.
• However, he revised his forecast due to Jerome Powell’s interest rate increases and other bullish predictions from other people in the cryptocurrency industry.
Mike Novogratz Predicts Bitcoin Could Reach $30k Next Month
Galaxy Digital CEO Mike Novogratz shared his bitcoin price outlook Wednesday at a Bank of America conference. The longtime bitcoin advocate believes that BTC could return to $30,000 by the end of next month. „When I look at the price action, when I look at the excitement of the customers calling, the FOMO [fear of missing out] building up, it wouldn’t surprise me if we were at $30,000 by the end of the quarter,“ he said.
Previous Bitcoin Price Forecast
Novogratz was previously more bullish about bitcoin’s future price level. In March last year he stated that BTC should be worth $500K five years out from then. He attributed his skepticism to Federal Reserve Chairman Jerome Powell’s interest-rate increases as well as other bullish predictions from people within the cryptocurrency industry such as Robert Kiyosaki and Pantera Capital who predicted that we are already in a new bull market cycle for BTC with an opportunity for a multi-trillion dollar market cap in its future.
Current Bitcoin Price
At the time of writing bitcoin is trading at around $24K after gaining 8% over 24 hours and 16% over 30 days.
Mike Novogratz’s Revised Outlook
Despite remaining optimistic about bitcoin’s potential next month Mike Novogratz revised his previous forecast due to Chairman Powell’s monetary policies which make him less certain that BTC will reach its all-time highs this year. He said: „What makes me skeptical that we can have an explosive back-to-the-old highs this year is Chairman Powell…He’s really doing what he says he’s going to do and I don’t see Fed pivoting and cutting anytime soon.“
Despite this recent revision Mike Novogratz remains confident in BTC’s potential for 2021 with other crypto enthusiasts making similarly bold predictions about its value going forward.