"It has the potential to go up but don't be too confident because you're afraid you'll languish."
Mike Novogratz, the Chief Executive Officer (CEO) of Galaxy Digital Holdings is very confident that the cryptocurrency Bitcoin (BTC) will break through the price level of $30,000 before the end of March 2023.
Reflecting on speaking at the Bank of America conference on February 15, 2022, he also said he would be the happiest man if 2022 ended with BTC at $30,000 and this time Novogratz was found to have made a similar statement.
However, Novogratz's recent prediction is much lower than before who believes that BTC could reach a price of $500,000 by the end of 2027 if the Federal Reserve (Fed) of the United States (US) does not raise interest rates aggressively.
He also does not expect the Fed to change its tune anytime soon following Fed chairman Jerome Powell's February 1 announcement of a 25 basis point interest rate hike, a higher than before.
In addition to the Fed's rate hike in February, Powell who saw inflation in the US had begun to slow managed to give BTC a price jump past the $24,000 level before falling back below $22,000.
Even so, the price of BTC rallied almost 12% to reach $24,700 after the US Consumer Price Index (CPI) in January saw inflation at 6.4%, where it is still the lowest reading for 7 months.
Overall, BTC still needs to gain about 22% more by March 31, 2023 to reach Novogratz's predicted price of $30,000 and so far the digital asset is at $24,632 in the last 24 hours.
