- Galaxy Digital CEO, Mike Novogratz has projected a $30,000 price for Bitcoin (BTC) by the end of Q1.
- This projection, while bold, is conservative when compared to the other veteran’s calls.
Mike Novogratz, the Chief Executive Officer of cryptocurrency firm, Galaxy Digital Holdings Inc is more optimistic about the growth of Bitcoin (BTC) following the recent surge in the price of the premier cryptocurrency. With Bitcoin surging past the $25,000 psychologically important resistance point over the past week, Novogratz said he would not be surprised if the coin’s price topped $30,000 before the end of this first quarter.
“When I look at the price action, when I look at the excitement of the customers calling, the FOMO [fear of missing out]building up, it wouldn’t surprise me if we were at $30,000 by the end of the quarter,” Mike Novogratz said at a conference organized by the Bank of America.
This price projection implies at least a 25% increment from the current price point, a growth that will imply a steady weakly close before the end of this quarter. This projection from Novogratz is arguably one that was fueled by a renewed hope of the veteran crypto CEO who had earlier highlighted how impossible it will be for Bitcoin to close 2022 above $30,000.
According to Novogratz, he would not have predicted Bitcoin would hit a price above $25,000 about six weeks ago. He said this considering the turmoil that embroiled the broader digital currency ecosystem following the bankruptcy of FTX .
“I would’ve given both my shoes for that to be true just six weeks ago,” he added, noting that it would’ve made him “the happiest guy” if BTC ended 2022 at $30,000.
Renewed FUD for Bitcoin
Over the course of the past week, the crypto ecosystem has recorded significant Fear, Uncertainty, and Doubt (FUD) as a result of the crackdown by the United States Securities and Exchange Commission (SEC) on key aspects of the ecosystem.
The regulators first fined Kraken exchange $30 million for offering a staking service that it called unregistered security. Kraken had to shut down the service whose interest payouts are larger than existing financial institutions.
The Gary Gensler-led commission also sent a Wells Notice to Paxos Trust for its issuance of Binance USD (BUSD). The crackdown on the stablecoin, though linked to Binance has been tagged a major affront to the broader industry, a situation that is bound to impact the performance of Bitcoin and other top assets.
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Hopes for bogus Bitcoin price projection
The current outlook of Bitcoin is one that has pushed top industry veterans like Stock-2-Flow (S2F) inventor, PlanB to project a $100,000 price point for the cryptocurrency by 2025. His premise is hinged on the fact that the upcoming Bitcoin halving event slated for next year will ultimately make the Bitcoin blockchain and associated assets more valuable.
Earlier, Mike Novogratz was one of the top industry stakeholders with a very ambitious plan for Bitcoin. One of Novogratz’s projections is a $500,000 price point by 2027.
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