Bitcoin price of $30,000 this quarter ‘wouldn’t surprise’ this CEO
Already excited about the price of Bitcoin and other cryptos, venture capitalists are predicting that the alpha coin will reach $500,000 in 2024.
One of them is the CEO of Galaxy Digital Holdings, Mike Novogratz, who believes that before Bitcoin reaches the coveted half-million dollar mark, it will first recapture or surpass the $30,000 level by the end of March this year.
Bitcoin climbed to its highest level since August on Wednesday, advancing for a second day as a reduction in risk aversion helps ease fears of an intensifying regulatory campaign by the U.S. government.
The Bitcoin price is approaching $25,000
At time of writing Thursday, Bitcoin was trading at $24,606, up 7.2% over the past seven days, data from Coingecko shows.
Novogratz’s latest Bitcoin price forecast is a far cry from the $500,000 he originally predicted for the crypto-asset, but is still nearly a quarter higher than today’s price.
The Galaxy CEO once predicted that the Bitcoin price would reach that level by the end of 2024 if the US Federal Reserve continued to raise interest rates.
“When I look at the price performance, when I look at the excitement of the customers calling, the FOMO building, it wouldn’t surprise me if we were at $30,000 by the end of the quarter,” Novogratz said.
“It wouldn’t surprise me if we were at $30,000 at the end of the quarter,” Galaxy Digital CEO Mike Novogratz said
— Bloomberg Crypto (@crypto) 15 February 2023
Crypto in the greed zone
In response to increasing regulatory scrutiny from the US Securities and Exchange Commission and other regulators, bitcoin’s price has fallen from over $24,000 to $21,500 in recent weeks. Then followed the US Consumer Price Index data, after which Bitcoin fell below $21,500.
Market sentiment has strengthened as a result of Bitcoin’s latest significant move amid the US regulatory battle over cryptocurrencies. Now the Bitcoin Fear and Greed Index registers a value of 62, firmly in the greed zone.
Bitcoin Fear and Greed Index is 62 ~ Greed
Current price: $24,304 pic.twitter.com/zbGEVo6wMq— Bitcoin Fear and Greed Index (@BitcoinFear) 16 February 2023
The price of bitcoin has risen to levels not seen since mid-June, marking a new high for trading activity in the past eight months. In addition, it has recovered all of its February losses and surpassed its highest level before the FTX collapse.
Other Bitcoin Supporters See King Crypto Registration of Records
Robert Kiyosaki, the renowned author of the best-selling book Rich Dad Poor Dad, has also claimed that the Bitcoin price will reach $500,000 by 2025. In the same time frame, he expects gold to reach $5,000 and silver to reach $500.
Crypto total market cap at $1 trillion on the daily chart | Chart: TradingView.com
Michael Saylor, former CEO of MicroStrategy, said the Bitcoin price could reach $65,000 within four years. From there, he believes the value of the cryptocurrency could reach $500,000 in the next 10 years.
Investment management firm Ark Invest has a more fearless forecast for Bitcoin: it will become a multi-billion dollar market and could reach a value of $1.4 million per coin.
Meanwhile, the market cap of all cryptocurrencies has increased by nearly $100 billion in the last 24 hours and is currently well over $1 trillion.
– Featured image from Stars and Stripes
