Bitcoin’s recent positive price action has been attributed to slowing US inflation, and Mike Novogratz thinks the price rally could last until the end of March.
Galaxy Digital Holdings CEO Mike Novogratz believes there is an opportunity for Bitcoin
BTC
ticker below
$23,356
It could return to $30,000 or more by the end of March.
According to a Feb. 15 Bloomberg report, Novogratz spoke at a Bank of America conference the same day and said he would be “a much happier person” if 2022 ends with BTC at $30,000, but added:
“When I look at the price action, when I look at the excitement of the customer call, the FOMO increase, I wouldn’t be surprised if we were at $30,000 at the end of the quarter.”
This prediction is significantly lower than others Novogratz has made in the past. The CEO of Galaxy once believed that Bitcoin would reach $500,000 by the end of 2027 if the US Federal Reserve continues to raise interest rates.
During Wednesday’s meeting, Novogratz again mentioned a rate hike by Fed Chairman Jerome Powell, who recently announced a 25 basis point interest rate hike on February 1. :
“What makes me doubt that we can have a high rate this year is Chairman Powell. It’s doing what it says it’s going to do, and I don’t see the Fed hanging around and stopping anytime soon.
In addition to the Fed’s February rate hike, Powell noted that inflation in the United States has started to slow, causing Bitcoin to rise above $24,000 before falling below $22,000.
Related: US Lawmakers Reintroduce Bill to Unblock Crypto Investments in Retirement Accounts
After January’s U.S. consumer price index data came out as expected on Feb. 14, bitcoin gained nearly 12% in 24 hours to hit $24,700, its highest level since mid-August, according to Cointelegraph.
Sentiment toward crypto appears to be healthy, with the Crypto Fear and Greed Index rising nine points out of 100 to 62, moving the scale from “neutral” to “greedy” territory.
Bitcoin still needs to gain about 22% by March 31 to reach Novogratz’s predicted price.
