Galaxy Digital Holdings Chief Executive Officer (CEO) Mike Novogratz is positive that the recent rally in Bitcoin (BTC) price is sustainable and may eventually attain $30,000 in this first quarter. To put it in perspective, the venture capitalist announced at a Bank of America conference that he would not be surprised if the leading digital currency reaches $30k by the end of March.
“When I look at the price action, when I look at the excitement of the customers calling, the FOMO building up, it wouldn’t surprise me if we were at $30,000 by the end of the quarter,” Novogratz said “And I would’ve given both my shoes for that to be true just six weeks ago,” he continued then added, “like if we end the year $30,000, I will be the happiest guy.”
Notably, this is one of the lowest values of BTC that Novogratz has ever predicted even though it is still almost 25% above the current market price. The crypto industry juggernaut once predicted that Bitcoin will attain a value of as much as $500,000 in 2027 if the United States Federal Reserve keeps up with the increase in interest rates.
Effect of Interest Rate Hike on BTC
On Wednesday, Bitcoin gained up to 8.2% in terms of its price reaching a value of more than $24,000. This percentage gain is one of the highest the digital currency has taken on in a day within the last month. At the time of this writing, BTC was trading at $24,704, according to Coinmarketcap. This is the highest level that the coin has attained since August 2022.
The Galaxy Digital CEO also referred to the recent interest rate hike announced by Federal Reserve Chairman Jerome Powell, saying he doesn’t expect a change in tune soon. During a 2-day policy meeting, a 25-point basis interest rate cut was revealed by the Fed chair. The news led to a new daily high for the price of certain risk assets including BTC, Ether (ETH), Aptos (APT) and Polygon (MATIC) amongst many others.
“What makes me skeptical that we can have the explosive, back-to-the-old highs this year is Chairman Powell. He’s really doing what he says he’s going to do, and I don’t see the Fed pivoting and cutting anytime soon,” Novogratz emphasized.
