Billionaire Mike Novogratz Says Bitcoin At $30,000 Is Unlikely
10 August 2022 - 09:00AM
NEWSBTC
Bitcoin price has been a topic of debate since the digital asset
first made its entry into the mainstream over a decade ago. With
its continued growth, a lot of people have come forward to proffer
their predictions for the price of the cryptocurrency both in the
long and the short term. One of those is billionaire Mike
Novogratz. However, despite being usually bullish on the price of
bitcoin, Novogratz does not seem to expect much in the short term.
Bitcoin Unlikely To Reach $30,000 Currently, the price of bitcoin
is bouncing between the $23,000 and $24,000 level. This has seen a
lot of speculation as regards what will happen when the digital
asset is able to break out of this rut finally. For many, the
recent recovery has led them to believe that there will definitely
be a run-up back to $30,000, where the price had fallen from.
However, not everyone seems to share this bullish short-term
sentiment, and Novogratz is one of those. Related Reading: Polkadot
Sets Sight On $9 As It Claims The 10th Spot On Crypto Top 10 The
CEO of Galaxy Digital has been one of the many proponents of
bitcoin, investing in the asset both on a personal and professional
level. However, with bitcoin’s current trend, Novogratz does not
expect a recovery. Mainly, he does not expect the asset to see
$30,000. BTC trending above $23,000 | Source: BTCUSD on
TradingView.com Novogratz explained during an interview with
Bloomberg that he fully expected the price of the digital asset to
continue to trend between $20,000 to $22,000, not believing that a
break above $30,000 is possible with the recent run-up. “I’d quite
frankly be happy if we’re in a $20,000 – $22,000 or $20,000 –
$30,000 range for a while, with the next move breaking up,” he
added. Factors Dragging Down Bitcoin There are a number of things
that affects the cryptocurrency market and, by extension, the price
of bitcoin. Recently, the news of the United States going into a
recession has been the catalyst for the recovery trend, but
Novogratz believes that the performance of bitcoin continues to be
greatly tied to decisions by the government. Related Reading:
Market Sentiment Holds Steady As Bitcoin Aims For $24,000 The Fed
had once again increased interest rates which had affected the
financial markets. With the current situation, any decision from
the Fed has an impact on the digital asset due to its close
correlation with the macro markets at the moment. But Novogratz
believes that the Fed will stop raising rates, which is expected to
have a positive impact on financial markets. Despite not believing
that the price of Bitcoin cannot touch $30,000 during this run-up,
it has not changed the billionaire’s stance on bitcoin. He has
previously stated that the price of the digital asset will grow to
$500,000. His company also remains committed to its bitcoin
strategy, holding a total of 16,402 BTC, making it the public
company with the third-largest bitcoin holding in the world.
Featured image from CryptoPotato, chart from TradingView.com Follow
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