In the past, the CEO of Galaxy Digital predicted a rise to $500,000 for BTC. Mike Novogratz said the flagship crypto will hit that value by the end of 2027 on one condition. The latter is that the US Federal Reserve maintains its policy of increasing interest rates. On February 15, the leader of Galaxy Digital predicted a more moderate rise for bitcoin (BTC).
BTC could end the quarter in an uptrend
Bloomberg published a report on February 15 mentioning Novogratz’s remarks during a Bank of America conference. It appears that the CEO of Galaxy would have liked bitcoin to end the year 2022 worth $30,000. Now Novogratz thinks he has a chance to see his wish come true in the coming weeks.
Indeed, the head of Galaxy Digital said: “When I watch the price action, when I watch the excitement of customers calling, the FOMO that builds up, I wouldn’t be surprised if we were at $30,000 at the end of the quarter“. Thus, he suggested that the price rally in the crypto market could continue until the end of March.
The Fed Could Prevent Further Crypto Price Rally
The CEO of Galaxy Digital explained that the Fed could prevent cryptos from returning to their old highs. “What makes me skeptical about the possibility of an explosion and a return to old highs this year is President Powell. It’s really doing what it says it’s going to do, and I don’t see the Fed pivoting and cutting anytime soon“, did he declare.
Jerome Powell, the chairman of the Fed, recently mentioned a rising interest rates of 25 basis points. According to Novogratz, this type of discourse is not going to change anytime soon. This is precisely what the head of Galaxy Digital fears, since it could affect the crypto market.
The Fed Chairman previously announced a slowdown in inflation in the United States. This was confirmed with the publication of the US consumer price index for the month of January. In just 24 hours after this release, bitcoin was up almost 12%. The flagship crypto then surpassed $24,700, a value that represents its highest level since mid-August.
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