While exciting new predictions for the leading cryptocurrency Bitcoin price continue to come, the crypto giant Mike Novogratz He stated that beyond the aforementioned extreme levels, even the $30,000 level is a difficult target to reach at the moment.
Cryptocurrency CEO Mike Novogratz believes that Bitcoin, the world’s largest cryptocurrency, is unlikely to regain the $30,000 mark any time soon.
According to Novogratz bitcoin It will continue to be traded periodically for a while. The head of Galaxy Digital does not expect the Bitcoin bulls to put up bullish pressure as there is almost no significant institutional capital inflows.
Koinfinans.com As reported by Novogratz, who claims that no one has seen him take a step back, he underlined that it is therefore unlikely that the Bitcoin price will drop significantly in the near future.
As we reported earlier, Bloomberg senior commodities strategist Mike McGlone recently made a rather ambitious prediction, claiming that it was only “a matter of time” for Bitcoin to hit $100,000.
However, Novogratz is less optimistic about this. The head of Galaxy Digital is on the side who doesn’t believe that crypto enthusiasm is coming back anytime soon due to the US Federal Reserve’s rise in interest rates.
Citibank believes the Fed may be on track to approve a 100 basis point increase in the near future, after reports that blockbusters have calmed recession fears.
Novogratz continues to maintain his positive outlook on Bitcoin over the long term. The famous investor has frequently voiced his views that he predicts the world’s largest cryptocurrency will potentially reach $500,000 in the next five years.
Bitcoin currently continues to trade below the $24,000 level after recording its best month of 2022 in July.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.