As the market waits for the U.S. consumer price index (CPI) to be announced, the three major U.S. stock indexes and Bitcoin are all going back and forth between rising and falling. In this regard, Mike Novogratz, founder and CEO of cryptocurrency bank Galaxy Digital, also said that although The market has recovered a little recently, but he predicts that Bitcoin will remain range-bound in the short term and is unlikely to enter a bull market this year.
Mike Novogratz, the “big guy in the currency circle” believes that Bitcoin will not break through the $30,000 mark in a short time. Furthermore, there is not much institutional capital entering the market at present, and there is a lack of financial support. In a recent interview with Bloomberg Television, he said:
Will Bitcoin break $30,000 in this rally? We’ll see, but I don’t think so. I think we’re probably in a range-bound phase right now. Frankly, I’d be happy if we were in the $20,000, $22,000 or $30,000 range for a while. We didn’t see huge institutions coming in, but we didn’t see anyone backing down either.
On the other hand, Mike Novogratz expects ETH to rise to $2,200 or more as the Ethereum merger upgrade is approaching. Currently, Ethereum is trading around $1,750.
From the current macro environment, Mike Novogratz also believes that with the Federal Reserve tightening interest rate policy, investor sentiment is not as frenetic as in 2021 and 2017, so he does not expect any major bull market in the cryptocurrency market this year.
At press time, Bitcoin is currently trading at $23,835 with a market cap of $455.2 billion. After a massive sell-off in the first half of the year, the latest pullback has instead brought new hope to investors.
Bloomberg senior commodity strategist Mike McGlone said that Bitcoin is still on the way to the $100,000 target, and it will be a matter of time before it reaches the top. He firmly believes that Bitcoin will have the potential to become a “high beta version” of gold or treasury bonds, and when the risk factor Beta value is higher, the potential risk is greater, and investment returns are higher.