The recent Bitcoin price action is being influenced by the US inflation situation and the momentum could sustain until the end of March this year, Galaxy Digital CEO said.
The CEO of the famous crypto investment fund Galaxy Digital – Mike Novogratz believes that Bitcoin will soon return to the $30,000 mark before the end of March 2023.
Sheet Bloomberg reported on February 15, at a Bank of America conference, Novogratz stated that “he would be the happiest” if BTC ended 2022 at the $30,000 mark, however:
“When I look at the price action and customer excitement, I see FOMO accumulating and it wouldn’t be surprising if BTC hits the $30,000 region by the end of this quarter.”
During the conference, Novogratz again mentioned Fed Chairman Jerome Powell’s standard rate adjustment, but Novogratz does not expect the Fed to change its tone:
“He’s really doing what he says and I think the Fed will soon pivot.”
But this is not the first time Novogratz has made an optimistic statement on the BTC price. In the past, the Galaxy CEO has expected Bitcoin to surpass $500,000 by the end of 2027, if the US Federal Reserve continues to raise interest rates. Or he thinks that Bitcoin can hit 20,000 before the May 2020 halving.
The CEO of investment fund Pantera last week also said that the crypto market has bottomed and is gradually accumulating.
In his February 8 speech, Mr. Powell continued Confirming positive signals about US inflation and left open the possibility of a softer monetary policy.
As announced on February 14, US consumer price index (CPI) in January 2023 reached 6.4%, recorded that US inflation had the 7th consecutive month of decline. CPI Core reached 5.6%, also decreased over the same period.
Besides, fear and greed index for crypto has also increased by 9 points, moving from neutral to “greedy territory”.
With these positive reports, Bitcoin seems to be slowly letting go of the pressure and increased sharply today. There was even a time the king coin jumped to 24,905 USDsetting a new peak of 2023.
However, it is still far from the price level that Novogratz expected.
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