Michael Novogratz: "Bitcoin will reach $30,000 by the end of March"

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Galaxy Digital Holdings CEO Michael Novogratz suggested that Bitcoin has a chance to return to the $30,000 mark or cross it before the end of March.

Speaking at a conference organized by the BankAmerica, Michael Novogratz said he would be the happiest person if 2022 ended with Bitcoin trading at $30,000. Given Bitcoin's price action, traders' anxiety and growing FOMO syndrome, Novogratz said ), he would not be surprised if the first cryptocurrency actually trades above this mark by the end of the quarter.

Novogratz's current forecast is much lower incompared to those he had done previously. Last year, the CEO of Galaxy Digital said that Bitcoin would reach $500,000 by 2025 if the US Federal Reserve (Fed) continued to raise interest rates. Novogratz mentioned the recent increase in the US key rate by 0.25 percentage points, expecting that the regulator will not change its position in the near future.

"I doubt that this year ours willan explosive return to old highs due to Fed Chairman Jerome Powell. He's really doing what he intends to do, and I don't think the Fed will cut rates anytime soon,” Novogratz said.

Bitcoin's current market capitalization isis $476.8 billion. Over the past 24 hours, the Bitcoin rate has risen above $24,700, reaching its highest level since mid-August 2022. For Novogratz's forecast to come true, Bitcoin needs to rise by about 22% by the end of March.

In January, the head of Galaxy Digital said that 2023 will be a difficult year for the crypto industry, as it will face strong regulatory pressure due to the bankruptcy of the FTX exchange.