Billionaire investor Mike Novogratz stated that Bitcoin (BTC) can be expected to reach a price of $30,000 this quarter.

Billionaire Believes Bitcoin Might Reach $30K this Quarter

  • Billionaire investor Mike Novogratz stated that Bitcoin (BTC) can be expected to reach a price of $30,000 this quarter.
  • In the past 24 hours, Bitcoin has seen its biggest gain in over a month when its price skyrocketed by 12%.
  • As per data from Lookonchain, nearly $1.6 billion in institutional funds have flowed into the crypto market over the past six days.
  • Most funds were in the form of stablecoins, especially the Circle-issued USD Coin.

The collapse of crypto companies in 2022 pushed the world’s largest crypto coin, Bitcoin (BTC), on a downward trajectory which the token hasn’t been able to recover from for a number of months. Interestingly, the support of blockchain and crypto tech have come in support of the leading cryptocurrency recently with billionaire investor Mike Novogratz stating that the crypto coin can be expected to reach a price of $30,000 this quarter. 

2022 was probably one of the worst years in the crypto industry with Bitcoin (BTC) crashing more than 70% from it’s all-time high witnessed in November 2021. Interestingly, 2023 has been a fairly positive year for BTC as the leading digital asset reclaimed the $400 billion dollar market capitalization. Meanwhile, the on-chain metrics of the cryptocurrency are also turning bullish. 

Novogratz, who is the CEO and founder of Galaxy Digital, a financial services and investment management company, stated that he will not be surprised if Bitcoin successfully breaks the $30,000 price level this quarter. Additionally, at a Bank of America conference on Feb. 15, Novogratz made the following comments:

“When I look at the price action, when I look at the excitement of the customers calling, the FOMO building up, it wouldn’t surprise me if we were at $30,000 by the end of the quarter. And I would’ve given both my shoes for that to be true just six weeks ago,” he said while adding, “like if we end the year $30,000, I will be the happiest guy.”

It is also crucial to note that in the past 24 hours, Bitcoin has seen its biggest gain in over a month when its price skyrocketed by 12%. Moreover, the largest crypto coin is now back above the $24,000 price region as the bulls eye for the $25,000 price level, which is an area of resistance for the cryptocurrency. 

Furthermore, in order to reach the price predicted by Novogratz, Bitcoin needs to jump by another 20% which is not a very high percentage given that the crypto coin jumped 12% in the single day. It is also crucial to note that the investors’ sentiment in the crypto market has finally turned to greed which confirms the fact that the buying pressure for BTC has increased significantly. 

As reported earlier by BitcoinWisdom, Novogratz predicted that Bitcoin will hit a price tag of $500,000 but “not in five years” due to unfavorable conditions. The billionaire investor stated that the Federal Reserve chairman Jerome Powell found “his central banking superpowers” which worsened BTC price action and put the leading cryptocurrency on a bearish trajectory. 

Additionally, at the Token2049 event held in Marina Bay Sands, Singapore, the Galaxy Digital CEO stated that the next Bitcoin bull market would be a cocktail of 50 per cent utility and 50 per cent speculation.

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Parth Dubey Verified

A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.

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