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Mike Novogratz: I'm Adjusting My Bitcoin Price Prediction



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Mike Novogratz: I’m Adjusting My Bitcoin Price Prediction

As Bitcoin currently trades at $45,800, Mike Novogratz, CEO of Galaxy Digital, is making adjustments to his previous bitcoin price prediction. In an interview with Bloomberg Technology back in Mid March, Novogratz made a bold prediction that Bitcoin will reach $500k in the long term, but in the short term, he thought Bitcoin would stay around the $30 to $50k range. When Novogratz made that prediction, Bitcoin was trading at $38,947.65. Bitcoin has since surged 16% and now Novogratz is adjusting his prediction.

In his Q4 earnings call, the billionaire stated;

“I had said originally, I thought this would be a rangy year, $30,000 to $50,000 in Bitcoin and whatnot.

But given the adoption cycle I’m seeing and given the way markets trade and how I just see new people wanting to get in, the innovation we’re seeing in Web3 and in the metaverse space, I’ve gotten more constructive than I was at the beginning of the year.

And so it wouldn’t surprise me to see crypto significantly higher by the end of the year.”

Novogratz’s statement comes as there is an increasing interest in cryptocurrency, specifically Bitcoin. Different geopolitical turmoil events across the globe, such as the Trucker Convoy in Canada and the Conflict in Ukraine, showcased the importance of having a decentralized asset and being able to transact without government interference.

In regards to the Ukrain situation, Novogratz mentioned how the conflict will reorient people’s perspective on cryptocurrency, thus leading to more adoption and a higher price.
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FOR INTERESTED READERS
Galaxy Digital Holdings Ltd. (BRPHF) CEO Mike Novogratz On Q4 2021 Results – Earnings Call Transcript
https://seekingalpha.com/article/4498975-galaxy-digital-holdings-ltd-brphf-ceo-mike-novogratz-on-q4-2021-results-earnings-call
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10 Comments

  3. Hank Miller

    BTC is the ultimate shitcoin. No use-case, no underlying value, no support for smart-contracts, no support for NFT's and no support tokenization of assets like gold, derivatives, real-estate, antique, art and the rest. Bitcoin is a meme.
    It's a tool for criminal organisations and the ultra rich. They are after YOUR money.

  9. Carolyn Mckenzie

    Bitcoin and the overall crypto market are playing a game of ping pong with the market makers actively sourcing liquidity from the futures market. This creates choppy price action without a real direction within the local range between 52K and 47K. These types of environments are ideal for day trading and it is this type of price action that has also blown up many accounts over the past months.Jamies McMolly has been doing a great job reviewing all chart, trade and techniques on BTC which has enhance the growth of my portfolio to 17 BTC lately. <You can reach Jamies on ͲeIєɠɾαm👉Jamiesmcmolly

  10. Colby Dunford

    the facts are that we are at a standstill and BTC just barely moves and is still very far from the November ATH and the previous March 2021 ATH. the fact that Elon prefers to put his money in Twitter is also a clear statement. the belief in btc in the short term 1-2 years is declining and 100K only believes in it by a few and this is widely spread by media crypto. if you look at pure economic channels you will hear a completely different story about btc, where big players are NOT ready to invest in btc and mainly are put off by the volatility and most also thought that LEVERAGE trading should be abolished

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