Galaxy Digital CEO ‘wouldn’t be surprised’ if Bitcoin hit $30K this quarter

Galaxy Digital Holdings CEO Mike Novogratz believes there is a chance that Bitcoin (BTC) could return to $30,000 or higher before the end of March.

According to a Bloomberg report on Feb. 15. report On the same day, Novogratz spoke at a Bank of America conference and said he would be “the happiest guy” if 2022 ended with BTC at $30,000, but added:

“When I look at the price action, when I look at the excitement of customers calling, the FOMO rising, it wouldn’t surprise me if we were at $30,000 by the end of the quarter.”

The prognosis is much lower than others made by Novogratz in the past. The CEO of Galaxy once believed that Bitcoin could reach $500,000 by the end of 2027 if the US Federal Reserve continues to raise interest rates.

During Wednesday’s conference call, Novogratz again referred to a rate hike by Fed Chairman Jerome Powell, who announced a 25 basis point rate hike on Feb. 1. Novogratz said he doesn’t expect the Fed to change its stance anytime soon:

“What makes me skeptical that we could have an explosive return to old highs this year is Chairman Powell. He’s really doing what he says he’s going to do, and I don’t think the Fed is going to change its mind and cut anytime soon.”

Along with the Fed’s February rate hike, Powell pointed out that U.S. inflation had begun to slow, causing bitcoin to soon rise above $24,000 before falling below $22,000.

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Bitcoin is up nearly 12% in the past 24 hours to top $24,700, the highest level since mid-August 2022, according to data from Cryptooshala, according to the U.S. Consumer Price Index (CPI) expected data for January dated Feb. 14.

Sentiment towards crypto also looks healthy, with the Crypto Fear and Greed index climbing nine points to 62 out of 100, moving the scale from “neutral” to “greedy” territory.

The annual chart of the Fear and Greed Index shows that his last highest rating was 60 points on March 28, 2022. Source: Alternative

The index did not exceed 60 points from mid-November 2021, until the price collapse that began the cryptocurrency winter of 2022.

Bitcoin will still need to rise by about another 22% by March 31st to reach Novogratz’s target price.

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