Mike Novogratz suggested that bitcoin will rise to $ 30,000 by the end of March

Mike Novogratz, CEO of Galaxy Digital Holdings, suggested that bitcoin has a chance to return to the $ 30,000 mark or even surpass it by the end of March. At the moment, BTC $95,148.91 Bitcoin -2.54% Market capitalization $1.88 trillion VOL. 24 hours $1.76 billion is up almost 11% per day.

Speaking at a Bank of America conference, Novogratz said he would be the happiest person if 2022 ended with bitcoin at $ 30,000. However, given the price movement now, the analyst would not be surprised if the flagship cryptocurrency trades above this mark by the end of the first quarter of 2023.

Novogratz’s current forecast is much lower than the ones he has voiced before. Last year, the CEO of Galaxy Digital said that bitcoin would reach $ 500,000 by 2025 if the US Federal Reserve (Fed) continues to raise interest rates.

As for the near future of cryptocurrencies, Mike Novogratz emphasized: «I doubt we’re going to see an explosive return to the old highs this year, all because of the Fed’s actions.»

In January, the head of Galaxy Digital said that 2023 would be a difficult year for the crypto industry, as it would face strong pressure from regulators due to the FTX bankruptcy, which would affect the sector for a long time.

Today, the price of bitcoin has formed a strong support base above the $ 22,000 level. BTC began a strong rise and was able to overcome many obstacles near the $ 23,000 resistance zone. A new weekly high has been formed at around $ 24,899, and the price is currently consolidating its growth.