Bitcoin price teased by Mike Novogratz to top $30,000 in Q1
- Galaxy Digital CEO Mike Novogratz has predicted a price of $30,000 for Bitcoin (BTC) by the end of Q1.
- While this projection is bold, it is conservative compared to the other veteran’s calls.
Mike Novogratz, CEO of cryptocurrency firm Galaxy Digital Holdings Inc more optimistic on the growth of Bitcoin (BTC) following the recent rise in the price of the premier cryptocurrency. With Bitcoin surging past the psychologically important $25,000 resistance point in the past week, Novogratz said he would not be surprised if the coin’s price topped $30,000 before the end of this first quarter.
“When I look at the price action, when I look at the excitement of the customers calling, FOMO [fear of missing out]build up, it wouldn’t surprise me if we were at $30,000 at the end of the quarter, Mike Novogratz said at a conference organized by Bank of America.
This price estimate implies an increase of at least 25% from the current price point, a growth that will imply a steady weak close before the end of this quarter. This projection from Novogratz is arguably one that was fueled by renewed hope from the veteran crypto boss who had previously highlighted how impossible it will be for Bitcoin to close 2022 above $30,000.
According to Novogratz, he would not have predicted that Bitcoin would hit a price above $25,000 about six weeks ago. He said this in reference to the turmoil involving the wider digital currency ecosystem following the bankruptcy of FTX.
“I would have given both my shoes for that to be true just six weeks ago,” he added, noting that it would have made him “the happiest guy” if BTC ended 2022 at $30,000.
Renewed R&D for Bitcoin
Over the past week, the crypto ecosystem has seen significant fear, uncertainty and doubt (FUD) as a result of the crackdown by the United States Securities and Exchange Commission (SEC) on key aspects of the ecosystem.
Regulators first fined Kraken exchange $30 million for offering an escrow service it called unregistered security. Kraken had to turn off the service whose interest payments are greater than existing financial institutions.
The Gary Gensler-led commission also issued a Wells notice to Paxos Trust for issuing Binance USD (BUSD). The crackdown on the stablecoin, although linked to Binance, has been marked as a major affront to the wider industry, a situation that is bound to affect the performance of Bitcoin and other top assets.
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Hoping for Fake Bitcoin Price Forecast
The current outlook for Bitcoin is one that has pushed top industry veterans such as Stock-2-Flow (S2F) inventor, PlanB to project a price point of $100,000 for the cryptocurrency by 2025. His premise hinges on the fact that the upcoming Bitcoin halving event scheduled for next year will ultimately make the Bitcoin blockchain and associated assets more valuable.
Previously, Mike Novogratz was one of the best stakeholders in the industry with a very ambitious plan for Bitcoin. One of Novogratz’s projections is a price point of $500,000 by 2027.
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