The Galaxy Digital Holdings CEO Mike Novogratz has predicted that the largest digital asset by market cap, Bitcoin (BTC), could hit $30,000 before the end of the first quarter of 2023 as per a report.
Novogratz asserted that he wouldn’t be surprised seeing that coming true because of the nature of the market.
According to him:
“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.”
Meanwhile, the forecast is far lower than the previous ones Novogratz has made. Earlier, he predicted that Bitcoin might reach $500,000 by the end of 2027 if the US Federal Reserve keeps raising interest rates.
However, he explained that the persistent rate hikes by Fed Chair Jerome Powell would be a boon to the crypto market. It is noteworthy that an interest rate hike of 25 basis points was announced on Feb. 1.
Already, the crypto market has started reaping the benefits of the U.S. Consumer Price Index released on Feb. 14. Shortly after, Bitcoin recorded a 12% gain within 24 hours according to data from CoinMarketCap. Other altcoins such as Ethereum and Matic followed suit.
Novogratz Enters Top 100 Influencers in Crypto and Blockchain
The Galaxy Digital Holdings CEO Mike Novogratz has become a big fry in the crypto industry as one of the leading Web3 news agencies CoinDesk recognized him as part of the top 100 influencers in crypto and blockchain on Feb. 15.
Announcing #48 of Cointelegraph’s Top 100 influencers in Crypto and Blockchain@novogratz
Former Goldman Sachs partner turned crypto mogul and founder of @galaxyhq, a big investor who acquired @ArgoBlockchain's mining facility, and recently won an auction to buy @GK8_Security. pic.twitter.com/ejpcFzOsYQ
— Cointelegraph (@Cointelegraph) February 15, 2023
While the crypto market is relatively up in the last 24 hours, it is instructive that traders tread with caution. There is a huge possibility of correction or reversal given the ongoing SEC’s clampdown on crypto firms.
Time will tell if Novogratz’s prediction of Bitcoin entering $30,000 in the first quarter will be actualized.