Mike Novogratz says that Bitcoin above $30,000 is unlikely
Since the digital asset’s introduction to the public over a decade ago, Bitcoin’s price has been a subject of discussion.
Numerous individuals have made long-term and short-term forecasts for the cryptocurrency’s price in response to its continuous ascent. Mike Novogratz, a billionaire, is one of them. Despite being typically upbeat on the price of bitcoin, Novogratz does not seem to have high expectations for the near future.
The price of bitcoin fluctuates between $23,000 and $24,000 now. There has been much discussion about what will occur when the digital asset eventually breaks out of this rut. For many, the recent rebound has led them to anticipate that there would be a return to the price level of $30,000, from which it had dropped. Novogratz is one individual who does not seem to share this positive short-term outlook.
The CEO of Galaxy Digital is one of bitcoin’s numerous advocates, having invested in the commodity personally and professionally. Novogratz does not see a comeback based on bitcoin’s present trajectory. Primarily, he does not anticipate the asset to attain $30,000.
Novogratz said in an interview with Bloomberg that he fully anticipated the digital asset price to continue to trend between $20,000 and $22,000, stating that he does not believe a break beyond $30,000 is realistic given the current surge.
Numerous factors influence the cryptocurrency market and, by extension, the bitcoin price. Recently, the news that the United States is entering a recession has been the impetus for the recovery trend, but Novogratz thinks that bitcoin’s performance remains closely related to government choices.