Mike Novogratz, the billionaire founder of Galaxy Digital Holdings Ltd, said he doubts Bitcoin will exceed $30,000, but rather expects its price to stay in the $20,000-$30,000 range for a while longer.
Mike Novogratz: BTC between $20,000-$30,000 as there is no institutional capital
The founder of renowned cryptocurrency financial services company Galaxy Digital Holdings Ltd, Mike Novogratz, shared his remarks on Bitcoin’s price in an interview with Bloomberg TV.
Galaxy Digital’s Mike Novogratz said he expects Bitcoin to stay within its recent price range and that there haven’t been significant inflows of institutional capital into the space https://t.co/jzsLVHfYKM
— Bloomberg Crypto (@crypto) August 8, 2022
“Galaxy Digital’s Mike Novogratz said he expects Bitcoin to stay within its recent price range and that there haven’t been significant inflows of institutional capital into the space”.
In essence, billionaire Novogratz reportedly stated that given the absence of significant institutional capital inflows into the crypto sector, balanced however by the continued interest in BTC, the queen of crypto should remain in the $20,000-$30,000 price range for a little while longer.
Mike Novogratz and the price of Bitcoin (BTC) and Ethereum (ETH)
Specifically, Novogratz commented the following:
“Will Bitcoin get through $30,000 on this move up? We will see — I’m doubtful. I think we’re going to probably be in this range now. I quite frankly would be happy if we’re in a $20,000, $22,000 or $30,000 range for a while. We’re not seeing huge institutional flows, to be fair, but we’re not seeing anyone back away”.
Not only that, Novogratz also reportedly predicted that Ethereum (ETH) could reach $2,200 or more ahead of the Merge update.
Last June 2022, the famous billionaire behind Galaxy Digital would again release his views on BTC and ETH prices. At that time, Novogratz had stated that the price of BTC at $21,000 and ETH at $1,000 were prices near the bottom (lowest price) of the two cryptocurrencies.
The prices of ETH and BTC
At the time of writing, BTC is worth $23,800 and ETH $1,773.
Effectively, last June’s prediction by Novogratz has come true for now. Indeed, BTC had reached as low as $18,000 and then hasn’t fallen below the $20,000 mark so far.
Same for ETH, which saw its price drop in June touching its low of $900 and then it has not fallen again below $1,000.
It has been exactly more than two months since the two major crypto assets have yet to exceed $30,000 for BTC and $2,000 for ETH, respectively.