Bitcoin will hit $30K in March 2023: Galaxy Digital CEO’s optimistic forecast

With confidence, the head honcho of Galaxy Digital has proclaimed that the value of Bitcoin will ascend to an impressive $30,000 before the close of March 2023.

On February 15, 2023, while addressing a Bank of America symposium, Novogratz articulated that:

“When I look at the price action, when I look at the excitement of the customers calling, the FOMO building up, it wouldn’t surprise me if we were at $30,000 by the end of the quarter.”

“And I would’ve given both my shoes for that to be true just six weeks ago,” he continued before adding, “like if we end the year $30,000, I will be the happiest guy.”

Just a 21.5% surge from its present value is all that separates Bitcoin from attaining Novogratz’s projected price.

Bitcoin to reach $500,000 in five years

Having previously made an audacious prediction that Bitcoin would skyrocket to $500,000 per coin by 2024, this venture capitalist remains optimistic about the digital asset’s prospects, albeit with a revised timeline that extends beyond the next half-decade.

He said the reason for the delayed prediction is the interest rate hikes by the Federal Reserve.

“What makes me skeptical that we can have the explosive, back-to-the-old highs this year is Chairman Powell,” Novogratz said before adding “he’s really doing what he says he’s going to do, and I don’t see the Fed pivoting and cutting anytime soon.”

With cash becoming a more alluring alternative for generating passive income amidst higher interest rates, the possibility of an impending recession further compounds the challenges of investing in high-risk assets like cryptocurrencies, with discretionary funds expected to shrink.

BTC surges despite US regulations

Bitcoin’s recent price increase has improved market sentiment despite the US government’s increased regulation of cryptocurrencies. The current fear and greed index for Bitcoin is 62, indicating a high level of greed among investors.

Bitcoin’s valuation has achieved an astonishing 8.03% surge in just a single day, soaring to $24,534.56 as per the CoinMarketCap data on February 16, 2023.

Reaching a price level not witnessed since June 2022, Bitcoin has now hit an eight-month peak, successfully recovering from the February 2023 dip and catapulting beyond levels preceding the FTX collapse.

In the wake of the prevailing momentum, analysts observe that there exist minimal barriers between the $25,000 and $30,000 price marks for Bitcoin, with some further predicting a potential revisit of $2,000 for Ethereum.