Bitcoin Could Reach $30K by End of Q1: Galaxy Digital CEO
• Mike Novogratz, CEO of Galaxy Digital Holdings, believes that Bitcoin could return to $30,000 or above by the end of March.
• This prediction is lower than some of Novogratz’s previous predictions.
• The recent positive Bitcoin price action has been linked to a slowdown in U.S. inflation and Mike Novogratz thinks the price rally could sustain until the end of March.
Mike Novogratz’s Recent Prediction
Galaxy Digital Holdings CEO Mike Novogratz believes there’s a chance Bitcoin BTC $24,795 Bitcoin +2.74% MARKET CAP$478.37bVOL. 24H$1.96b BTC $79.65k could return to $30,000 or above before the end of March according to a Feb 15 Bloomberg report. During Wednesday’s conference at Bank Of America, Novogratz said he would’ve been the “happiest guy” if 2022 ended with BTC at $30,000 but added that it wouldn’t surprise him if we were at $30K by the end of this quarter.
The prediction is much lower than other predictions made by Novogratz in the past such as predicting that bitcoin would reach 500K by 2027 if Federal Reserve kept hiking interest rates.
U.S Inflation and Price Action
Alongside the Fed’s February rate hike, Powell indicated inflation in the U.S had begun to slow which saw bitcoin shortly spike above 24K before declining below 22K following U.S Consumer Price Index readout for January coming in roughly as expected on Feb 14th.
Powell and Fed
Novogratz again made mention of the rate hikes by Fed chair Jerome Powell who most recently announced an interest rate hike of 25 basis points on Feb 1st; however he said he didn’t expect Fed to change it’s tune anytime soon.
Overall Mike Novogratz believes that Bitcoin could return back up to 30K or more due to recent news regarding US inflation and Powell’s rate hikes despite his predictions being lower than many others made previously