• bitcoinBitcoin$18,921.09-2.10%
  • ethereumEthereum$1,275.35-2.91%
  • elrond-erd-2Elrond$48.030.47%

According to Mike Novogratz, CEO of Galaxy Digital, Bitcoin Will Not Reach $30,000 Any Time Soon

Despite the most recent price surge, Mike Novogratz, the founder of Galaxy Digital and a multibillionaire crypto investor, anticipates that Bitcoin will trade in this range bound for some time.

According to him, Bitcoin won’t rise above $30,000 any time soon, and for the time being, not much institutional capital is entering the market. Novogratz stated the following in a recent interview on Bloomberg TV:

“Will Bitcoin get through $30,000 on this move up? We will see — I’m doubtful. I think we’re going to probably be in this range now. I quite frankly would be happy if we’re in a $20,000, $22,000, or $30,000 range for a while. We’re not seeing huge institutional flows, to be fair, but we’re not seeing anyone back away.”

As of the time of publication, the market capitalization of Bitcoin is $454 billion, with a price of $23,838. Investors now have new optimism following the massive selling that took place during the first half of 2022 as a result of the recent retreat.

On the other hand, given the recent momentum and the software upgrade leading to The Merge, the CEO of Galaxy Digital anticipates Ethereum will reach $2,200 or more. Currently, the price of Ethereum is barely below $1,800.

He further stated: “I don’t see the mania that we saw in 2021 or 2017 reigniting.”

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