Mike Novogratz: It will take time for bitcoin (BTC) to recover

Mike Novogratz, the CEO of Galaxy Digital, a financial services company focused on digital assets, harbors doubts about a short-term boom in the price of bitcoin (BTC). According to him, the BTC is not likely to rise above the symbolic bar of 30,000 dollars anytime soon.

Novogratz remains not optimistic about the immediate evolution of bitcoin

In his last interview with Bloomberg, Mike Novogratz shared his views on the prospects for bitcoin’s progress. In fact, he believes that BTC will fluctuate within a limited price range.

“Will bitcoin cross $30,000 on this rally? We’ll see – I doubt it. I think we’re probably going to stay in that range now. Quite frankly, I would be happy if we were in the $20,000, $22,000 or $30,000 range for a while”he said.

The businessman justifies his predictions by the fact that institutional investors have not flocked to the cryptocurrency market lately. In other words, very little capital has been injected into the sector. This would have considerably contributed to turning the tide as was the case in 2017 and 2021. That said, Novogratz is delighted with this situation, which constitutes a gateway for newcomers. But it is also an opportunity for the most opportunistic insiders to accumulate more cryptocurrencies.

Novogratz also gave his opinion on Ethereum and its future development. For this cryptocurrency enthusiast, upgrading the network to The Merge should give this blockchain a big boost. He forecasts the price of ether (ETH) to rise above $2,200.

At the time of writing, bitcoin is trading around $24,000. Earlier this morning, it crossed the $25,000 mark, its highest level since mid-June. Recall that at that time it had fallen to $17,500, causing panic in the cryptosphere.

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