Galaxy Digital CEO Said He Didn’t Wonder If Bitcoin Hits $30,000 This Quarter

Key Points:

• Recent increases in the price of Bitcoin have been associated with a slowing in U.S. inflation, and according to Galaxy Digital CEO Mike Novogratz, the price surge may continue until the end of March.
• At a Bank of America conference, Novogratz stated that he would have been the “happiest guy” if BTC had reached $30,000 by the end of 2022.
• The CEO of investment fund Pantera last week also said that the crypto market has bottomed and is gradually accumulating.

Mike Novogratz, the CEO of Galaxy Digital Holdings, said that Bitcoin would likely reach $30,000 by the end of the next month.

According to a Bloomberg report, Novogratz stated at a Bank of America conference that he would have been the “happiest guy” if BTC had reached $30,000:

“When I look at the price action, when I look at the excitement of the customers calling, the FOMO building up, it wouldn’t surprise me if we were at $30,000 by the end of the quarter. And I would’ve given both my shoes for that to be true just six weeks ago. Like if we end the year $30,000, I will be the happiest guy.”

The estimate is far lower than the $500,000 he had forecast for the digital currency, but it is still around 25% more than its current value. The CEO of Galaxy Digital originally thought that if the US Federal Reserve maintained raising interest rates, Bitcoin might reach this goal price range by the end of 2027.

Last week, the CEO of investment fund Pantera also asserted that the cryptocurrency market has reached the bottom and is steadily building.

Jerome Powell, the chairman of the Federal Reserve, confirmed further encouraging signs regarding US inflation in his address on February 8 while still leaving open the prospect of changing to a lighter monetary policy.

As a decline in risk aversion helps to allay worries about an intensifying crackdown by US regulators, Bitcoin on Wednesday increased to its highest level since August.

At the time of writing, BTC is trading at $24,583.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

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