If it’s up to Galaxy Digital’s Mike Novogratz, there’s a good chance that bitcoin (BTC) will survive the current uptick. continues to a price of $ 30,000. Novogratz is known in the industry for his bold statements, and while he’s bullish here too, the $30,000 forecast dwarfs the billionaire’s previous forecasts.
$500,000 per bitcoin
Earlier, Novogratz made predictions of a bitcoin price of $500,000 per coin. Admittedly, those were generally predictions he made for the longer term. The current prediction of a bitcoin price of $30,000 is something he envisages for the more short term.
“Looking at the price action and the enthusiasm among the customers calling us, I have to say that the FOMO is building and I wouldn’t be surprised if we hit $30,000 by the end of this quarter,” said an optimistic Novogratz.
“It wouldn’t surprise me if we were at $30,000 by the end of the quarter,” Galaxy Digital CEO Mike Novogratz said. https://t.co/8ngwzbiQKJ
— Bloomberg Crypto (@crypto) February 15, 2023
“What makes me more skeptical about a return to the old all-time high is Federal Reserve Chairman Jerome Powell. He is really doing what he says at the moment and I don’t see the Federal Reserve changing course that quickly,” Novogratz says after his earlier optimism.
With Powell’s actions, he is of course referring to the interest rate hikes of the US central bank, which it is implementing to bring inflation in the country under control. Currently, inflation at 6.4 percent (consumer price index) is still 4.4 percent higher than the central bank’s target.
Greed back in the market
With the revival of the bitcoin price, greed has also returned. This is clear from the famous Fear & Greed Index, which measures market sentiment based on a wide range of indicators. Currently, the index gives a score of 62/100, which again shows greed in the market.
Bitcoin Fear and Greed Index is 62 – Greed
Current price: $24,587 pic.twitter.com/Ao9qHlIgxl
— Bitcoin Fear and Greed Index (@BitcoinFear) February 16, 2023
That is completely different from the past few months, which were mainly characterized by extreme fear. At the moment, optimism is returning and it secretly seems that bitcoin is preparing for another bull run. There is certainly no question of that yet, but at least the first contours are there. A bull run is by definition difficult to predict, otherwise everyone would of course be riding along in the upward price movement. Certainty does not exist, certainly not in this industry.