Mike Novogratz, CEO of Galaxy Digital, revised his Bitcoin price prediction, saying he would be pleased if BTC reached $30,000 by the end of the year. Novogratz acknowledges that this is a significant decrease from his overly optimistic forecast of $500,000. He blamed the downgrade on a rate hike by US Federal Reserve Chairman Jerome Powell, which hampered Bitcoin’s growth.
Mike Novogratz previously predicted that Bitcoin would reach $500,000 by the end of 2027. Novogratz believes the Fed will not change its stance on interest rate inflation anytime soon. “Jerome Powell is doing exactly what he said in previous statements, and I don’t see the Fed turning around and cutting rates anytime soon,” said Mike Novogratz.
After the US Federal Reserve decided to raise interest rates by 0.25% in early February, Fed Chairman Jerome Powell stated that the process of reducing inflation has begun to show signs of cooling, which has helped to reduce inflation and support the cryptocurrency market bounce strongly. However, he admitted in December 2022 that Bitcoin could no longer reach that milestone, blaming the crypto crisis and the collapse of several exchanges.
Despite severe regulatory pressure in the United States and a strong rally in the US dollar index, the largest cryptocurrency surpassed $24,000 on Wednesday (DXY). Last month, the crypto tycoon described the current cryptocurrency outlook as neither terrible nor great.
Novogratz also noted that Bitcoin and Ethereum prices remained stable in the face of bad news this month, with leveraged traders exiting their positions and creating what he calls a “clean market.”
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.
Join us to keep track of news: https://linktr.ee/coincu
Chubbi
Coincu News
A Supreme Court ruling weakens Chevron deference, potentially affecting SEC regulations. Due to reduced SEC…
The SEC sues Consensys for unregistered securities transactions via MetaMask, violating federal laws. Over $250M…
21Shares and VanEck have filed for a Spot Solana ETF with the SEC. If approved,…
Fetch.ai's FET assets will automatically convert to ASI tokens on July 1, 2024, as part…
VanEck Solana ETF application flags the risk of market price impact due to the top…
Despite equities rallying due to lowered US PCE Inflation, Bitcoin's price remained steady, with long-term…
This website uses cookies.