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Will Bitcoin Reclaim $30,000 Soon? Mike Novogratz Doesn't Think So

Tue, 08/09/2022 - 08:59
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Alex Dovbnya
Don't hold your breath for Bitcoin reaching $30,000; crypto mogul Mike Novogratz believes that it is unlikely to reach that level anytime soon
Will Bitcoin Reclaim $30,000 Soon? Mike Novogratz Doesn't Think So
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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.

Ripple Named Among Best Medium Workplaces by Fortune Magazine
Citibank is now convinced that the Fed could be on track to approve a 100-basis-point hike in the near future after the blockbuster jobs report that assuaged recession fears.

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.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at