Mike Novogratz, a venture capitalist and supporter of cryptocurrency, has made another daring forecast about the price of Bitcoin.
By the end of March, according to the founder and CEO of Galaxy Digital, Bitcoin values will exceed $30,000.In remarks made on February 15 at a Bank of America conference, Novogratz said:
“When I look at the price action, when I look at the excitement of the customers calling, the FOMO building up, it wouldn’t surprise me if we were at $30,000 by the end of the quarter.And I would’ve given both my shoes for that to be true just six weeks ago,”
With a massive 12% increase over the last day, Bitcoin has experienced its highest daily rise in more than a month.BTC simply has to increase by another 21.5% from present levels to reach Novogratz’s price forecast.
The venture capitalist previously predicted that the price of one BTC will reach $500,000 in 2024, making him a bull on the king of cryptocurrencies. Although not during the next five years, he still believes the asset will reach that level.
He attributed the lengthy prediction to the Federal Reserve’s increases in interest rates.
“What makes me skeptical that we can have the explosive, back-to-the-old highs this year is Chairman Powell,””He’s genuinely doing what he says he’s going to do, and I don’t see the Fed pivoting and cutting anytime soon,” Novogratz said before adding.
Cash is a more alluring option for passive income when interest rates are higher. A recession is still a possibility, so there will be less money available to invest in high-risk assets like cryptocurrency.
In the midst of Uncle Sam’s regulatory battle on cryptocurrency, the most recent significant advance for BTC has lifted market mood. The Bitcoin fear and greed index is currently showing a 62, which is firmly in greed zone.
According to CoinGecko, BTC prices have soared an amazing 11.8% on the day to reach $24,711 at the time of writing.
The asset has now reached a price level that has not been seen since mid-June while trading at an eight-month high. Additionally, it has recovered from the February dip’s losses and surged surpassing levels seen before the FTX collapse.
Analysts point out that there isn’t much resistance between $25K and $30K and say that if the momentum keeps up, Ethereum may soon retest $2,000 as well.
