Mike Novogratz, CEO of Galaxy Digital, has said in an interview with Bloomberg that the price of BTC will remain in the range of $20,000–$30,000, since interest in the asset is not supported by a significant influx of institutional funds.
He has explained:
“Will Bitcoin overcome the $30,000 mark in the current move up? Let’s see. I doubt. I would be happy if we were in the $20,000, $22,000 or $30,000 range for a while. We don’t see large inflows of institutional investors, but there are no large sales either.”
He has also predicted that the price of Ethereum could reach $2,200 or higher ahead of The Merge update.
Novogratz has drawn attention to the tightening of the Fed’s policy, which was reflected in the “absence of the mania characteristic of the cryptocurrency market in 2017 and 2021.”
