Will Bitcoin reach $30,000 in the coming weeks? Crypto giant Mike Novogratz believes it is unlikely to reach this level anytime soon. However, he expects a 30% increase in an altcoin project.
Mike Novogratz says Ethereum will reach $2,200 before September
Mike Novogratz predicts that Ethereum could reach $2,200 or more before the merge. As the Merge date approaches, Ethereum has acted as the driving force of the market. Galaxy Digital founder and crypto billionaire Mike Novogratz says in an interview with Bloomberg TV that the world’s second-largest cryptocurrency could hit $2,200 or more at the start of its much-anticipated upgrade, also known as a merge.
Mike Novogratz says Ethereum could reach $2,200 or higher at the top of its range, given the momentum ahead of its software upgrade known as the Merge https://t.co/XHzSW4dHvF pic.twitter.com/QC8ZYRdjXv
— Bloomberg TV (@BloombergTV) August 8, 2022
Ethereum is currently trading at $1,690.40. For the level pointed out by Mike Novogratz to be true, ETH price needs to rise 30% from current levels.
Novogratz is known for his price predictions for cryptocurrencies, especially Ethereum and Bitcoin. However, the investor thinks that contrary to his predictions regarding ETH, the BTC price will not exceed $30,000 any time in the near future.
Bitcoin price is unlikely to recover $30,000, according to Mike Novogratz
According to Mike Novogratz, Bitcoin is unlikely to reclaim $30,000 in the short term. According to Galaxy Digital CEO, BTC will be trading at current levels for a while. On the other hand, Bloomberg’s senior commodity strategist Mike McGlone recently reiterated his $100,000 price prediction. McGlone says it is only a matter of time before the leading cryptocurrency reaches this level. But Novogratz is less optimistic than McGlone. The famous billionaire doesn’t think the Fed’s raising interest rates will cause the crypto craze to return anytime soon. It looks like Novogratz would rather be an Ethereum bull than Bitcoin.
Novogratz is not the only one currently bullish on ETH
According to a recent CoinShares report, Ethereum has raised $16.3 million from institutional investors over the past week. Over the past seven weeks, Ethereum has received more than $159 million in net inflows.
Also, the derivatives market for Ethereum (ETH) has grown significantly. According to the latest report from blockchain analytics company Glassnode ETH, the options market has surpassed BTC for the first time. According to Glassnode, the $6 billion open market interest in ETH options has surpassed $4.8 billion in BTC.
cryptocoin.comAs you follow, new features are being discussed in the Ethereum network before the upcoming merge. You can check out Vitalik Buterin’s suggestions on “secret addresses” here.
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