Mike Novogratz would already be happy with bitcoin reaching $30,000 this year, not $500,000

Mike Novogratz, founder and CEO of Galaxy Digital Holdings Ltd, said the price of bitcoin could reach $30,000 by the end of the quarter, a significant increase from its current price.

Galaxy Digital CEO Mike Novogratz has revised his prediction for the price of bitcoin, saying he would be satisfied if the digital currency reached $30,000 by the end of the year.

Mike Novogratz admitted that this is a significant reduction from his overly ambitious forecast of $500,000. He attributes the revision to the interest rate hike by U.S. Federal Reserve Chairman Jerome Powell, which has slowed bitcoin’s rise.

Novogratz remains optimistic about the crypto-currency market, however, pointing to growing investor interest and buzz surrounding the industry.

Mike Novogratz predicted in March 2022 that the flagship crypto-currency could reach $500,000 in five years.

However, in December 2022, he admitted that it was no longer possible for bitcoin to reach that milestone, blaming the crypto-currency crisis and the implosion of several exchanges. On Wednesday the largest crypto-currency managed to surpass the $24,000 level despite heavy regulatory pressure in the U.S. and the surge in the U.S. dollar index (DXY).

Last month, the crypto-currency mogul described the current crypto outlook as neither terrible nor fantastic. While he believes the regulatory environment is a challenge, he thinks people will cut costs and survive the transition period.

Mike Novogratz also noted that Bitcoin and Ethereum prices have held steady in the face of bad news this month, with leveraged traders exiting their positions and creating what he calls a “clean market.“