The price of bitcoin has been a topic of debate since the digital asset first entered the mainstream more than a decade ago. With its continuous growth, many people have come forward to provide their long and short term cryptocurrency price predictions. One such billionaire is Mike Novogratz. However, despite being usually bullish on the price of bitcoin, Novogratz doesn’t seem to be expecting much in the short term.
It is unlikely that Bitcoin will reach $30K
At the moment, the bitcoin price is bouncing between the $23,000 and $24,000 levels. This has seen a lot of speculation as to what will happen when the digital asset is finally able to get out of this predicament. For many, the recent recovery has led them to believe that there will certainly be a price increase to $30,000, as the price has fallen from it. However, not everyone seems to share this short-term bullish sentiment, and Novogratz is one of those.
The CEO of Galaxy Digital has been one of the many proponents of bitcoin, having originally invested both personally and professionally. However, with the current trend of Bitcoin, Novogratz does not expect a recovery. Basically, he doesn’t expect the asset to see $30,000.
BTC trending above $23,000 | Source: BTCUSD on TradingView.com
Novogratz explained during Interview with Bloomberg He fully expects the price of the digital asset to continue trending between $20,000 and $22,000, and does not believe that a break above $30,000 is possible with the recent rally. “I’d be frankly happy if we were in the $20,000-$22,000 or $20,000-$30,000 range for a while, with the next step unraveling,” he added.
Factors That Pull Bitcoin
There are a number of things that affect the cryptocurrency market, and thus the price of Bitcoin. Lately, news of the US entering a recession has been the catalyst for the recovery trend, but Novogratz believes that Bitcoin’s performance is still highly correlated with government decisions.
The Fed again raised interest rates which affected the financial markets. In the current situation, any Federal Reserve decision has an impact on the digital asset as it is closely related to the macro markets at the moment. But Novogratz believes that the Fed will stop raising interest rates, which is expected to have a positive impact on financial markets.
Although it was not believed that the price of bitcoin could not reach $30,000 during this period, it did not change the billionaire’s attitude to bitcoin. It was previously mentioned that the price of the digital asset will rise to $500,000. His company also remains committed to its bitcoin strategy, Owns a total of 16,402 BTCmaking it a public company that owns the third largest bitcoin in the world.
Featured image from CryptoPotato, chart from TradingView.com
Follow Best Owie on Twitter For market insights, updates, and sometimes funny tweets…