Since Bitcoin’s introduction into mainstream society over a decade back, the topic of Bitcoin price has been hotly debated. Due to its steady growth, many people have offered their forecasts for how the cryptocurrency will fare in the long- and short-term. Mike Novogratz, a billionaire, is one of them. Novogratz is not optimistic about bitcoin’s future, even though he has been a bullish investor in this area.
Bitcoin Unlikely To Hit $30,000
Bitcoin’s price is currently hovering between the $23,000-$24,000 mark. Many speculate as to what happens when this digital asset finally breaks out of its rut. Many believe the recovery will lead to a return to $30,000 where it had been. Novogratz, however, is not the only one who seems to be bullish in short-term sentiment.
Galaxy Digital’s CEO has long been a proponent of bitcoin. He invested on both a professional and personal level in this asset. However, with bitcoin’s current trend, Novogratz does not expect a recovery. He doesn’t expect bitcoin to reach $30,000.
Source: BTCUSD on TradingView.com| Source: BTCUSD on TradingView.com
Novogratz stated in an interview with Bloomberg, that he expected that the price for the digital asset would continue trending between $20,000 and $22,000. He also didn’t believe that it was possible to break below $30,000 due to the recent uptrend. “I’d quite frankly be happy if we’re in a $20,000 – $22,000 or $20,000 – $30,000 range for a while, with the next move breaking up,” he added.
Bitcoin Price Drops Due to Factors
The cryptocurrency market, and consequently the bitcoin price, is affected by a variety of factors. Although the US’s recent recession news has generated a lot of interest, Novogratz thinks that Bitcoin’s future performance is still heavily tied to government policies.
Once again, the Fed raised interest rates. This had adversely affected financial markets. Because of its proximity to macro markets right now, any Fed decision will have an impact on digital assets. Novogratz is optimistic that the Fed will not raise rates again, which should have a positive effect on financial markets.
Despite not believing that the price of Bitcoin cannot touch $30,000 during this run-up, it has not changed the billionaire’s stance on bitcoin. The billionaire has stated previously that Bitcoin’s price will reach $500,000. He has stated that the price of bitcoin will rise to $500,000.
Featured Image from CryptoPotato. Chart from TradingView.com
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