There is a good chance that the price of bitcoin will return to $30,000 by the end of March, Galaxy Digital founder Mike Novogratz said during a Bank of America conference, Bloomberg reports .
At the same time, he added that he would be a “lucky guy” if the first cryptocurrency ends the year at this level.
Novogratz attributed the positive short-term forecast to the latest price movements and signs of growthFOMOat clients.
On February 16, digital gold quotes tested the $25,000 level . The Fear and Greed Index returned to the zone of investor optimism.
At the time of writing, the price of the first cryptocurrency has retraced to levels near $23,800 ( CoinGecko ).
In December, Novogratz reiterated his forecast for Bitcoin to rise to $500,000 . However, the head of Galaxy Digital noted that this cryptocurrency will take more than five years due to serious changes in the macroeconomic situation.
Regarding the prospects for Bitcoin in 2023, Novogratz again referred to the policy of the US Federal Reserve System (Fed) to raise the key rate to fight inflation .
“To be skeptical that we will have explosive highs again this year is what makes me skeptical [Fed Chairman] Powell. He really does what he promised. I do not think that the Fed will turn around and cut the rate in the near future, ”the entrepreneur emphasized.
In January 2022, Novogratz offered gold proponent and bitcoin skeptic Peter Schiff a $1 million bet on the price of the first cryptocurrency. The head of Galaxy Digital expressed his willingness to send this amount to charity or other goals of the opponent’s choice if digital gold trades below $35,000 in a year.
Recall that in October, Novogratz the duration of the current bearish phase of the cryptocurrency market at six months.