Galaxy Digital CEO Mike Novogratz is unsure whether Bitcoin can break the $30,000 mark.
Mike Novogratz believes that it is very unlikely for Bitcoin to rise above the $30,000 level in the short term. Novogratz thinks that the leading cryptocurrency will stay in the $20,000 to $30,000 band for a while. Galaxy Digital CEO believes this is a good opportunity for investors.
The leading cryptocurrency has been below the $30,000 level for about two months. The market crisis that started with the collapse of Terra caused Bitcoin to fall to the level of $ 17,500 in June. However, the leading cryptocurrency has managed to stay above $20,000 for the past few weeks.
Mike Novogratz Is Not Optimistic
Mike Novogratz, CEO of Galaxy Digital and also a prominent Bitcoin advocate, is not too optimistic about the asset’s short-term price. According to him, investors should be grateful if the asset’s value does not drop below the $20,000 level anytime soon.
“Will Bitcoin be able to exceed $30,000 with this rise? We’ll see, but I doubt it. I think we will continue to be in this range for a while. Frankly, I would be happy if we were in the $20,000, $22,000, or $30,000 range.”
The famous billionaire explained that the current problem in the industry is due to the problem of corporate flow.
For example, Tesla bought $1.5 billion worth of Bitcoin last year, but a few weeks ago it was announced that $936 million worth of BTC was converted into cash.
Novogratz expects an increase in Ethereum price after Merge. According to him, the switch to the Proof-of-Stake algorithm should push the asset’s value above $2,200.
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