Cryptocurrency mogul Mike Novogratz believes that Bitcoin, the world's largest cryptocurrency, is unlikely to reclaim the $30,000 level in the near future.
Novogratz thinks that the flagship coin will continue its streak of rangebound trading for now.
The head of Galaxy Digital does not expect Bitcoin bulls to make a bullish push due to the lack of significant institutional capital inflows.
At the same time, Novogratz claims that he does not see anyone backing away, which means that the Bitcoin price is unlikely to drop substantially lower in the near future.
As reported by U.Today, Mike McGlone, Bloomberg's senior commodity strategist, recently reaffirmed his $100,000 price prediction, claiming that it was only "a matter of time" until the largest cryptocurrency would be able to reach that level.
Novogratz, however, is less optimistic. The Galaxy Digital head does not believe that crypto euphoria is coming back anytime soon due to the U.S. Federal Reserve hiking interest rates.
Novogratz remains bullish on Bitcoin in the long term. As reported by U.Today, the cryptocurrency investor predicted that the world's largest cryptocurrency would potentially reach $500,000 within the next five years.
Bitcoin is currently sitting below the $24,000 level on major spot exchanges after scoring its best month of 2022 in July.
Galaxy Digital recently announced that its quarterly loss had more than doubled in the second quarter of 2022.