Galaxy Digital’s CEO “wouldn’t be surprised” if Bitcoin hit $30,000 this quarter

by · March 5, 2023

Galaxy Digital Holdings CEO Mike Novogratz believes there is a chance Bitcoin (BTC) could return to $30,000 or higher before the end of March.

According to a February 15 Bloomberg report, Novogratz spoke at a Bank of America conference the same day and said he would have been the “happiest guy” if 2022 ended with BTC at $30,000, but added:

“When I look at the price action, 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.”

The prediction is much lower than others Novogratz has made in the past. The Galaxy CEO once believed that Bitcoin could reach $500,000 by the end of 2027 if the US Federal Reserve continued to raise interest rates.

During Wednesday’s conference call, Novogratz again mentioned the interest rate hikes of Fed Chair Jerome Powell, who last announced a 25 basis point rate hike on February 1. Novogratz said he did not expect the Fed to change tune anytime soon:

“What makes me skeptical that we can get the explosive, back to the old highlights this year is chairman Powell. He’s really doing what he says he’s going to do, and I don’t see the Fed swinging and cutting anytime soon.”

Alongside the Fed’s February rate hike, Powell indicated that inflation in the US had begun to ease, which saw Bitcoin briefly top $24,000 before falling below $22,000.

Related: US lawmakers are reintroducing bills to remove roadblocks to crypto investments in retirement accounts

After the U.S. Consumer Price Index for January came in roughly as expected on February 14, Bitcoin rallied nearly 12% in 24 hours to reach above $24,700 – its highest level since mid-August, according to data from Coinelegraph.

Sentiment toward crypto also appears healthy, with the Crypto Fear and Greed Index climbing nine points to 62 out of 100 and moving the scale from “neutral” to “greed” territory.

The one-year chart of the Fear and Greed Index shows that it last reached a score of 60 on March 28, 2022. Source: Option

Bitcoin would still need to gain roughly another 22% by March 31 to reach Novogratz’s projected price.