Bitcoin price is struggling to stay over $40,000, but Friday’s options expiry could provide bulls with the $160 million profit they need to keep the positive momentum going.
Bitcoin has had a modestly climbing trend for the past two months, bouncing off its support many times.
Mike Novogratz Predicts Bitcoin Range
In an interview with Bloomberg TV, Michael Novogratz, CEO and founder of Galaxy Digital, estimated that Bitcoin (BTC) will reach $500,000 in the next five years. Despite the current price of BTC, Novogratz’s startling prediction comes as a surprise. He also predicted that Bitcoin will trade between $30,000 and $50,000 this year.
Since the beginning of 2022, the cryptocurrency market has come to a halt and has begun to move downward. Governments all around the world have been pushed to include crypto in their future policies due to current geopolitical crises. Recent events such as Russia’s invasion of Ukraine and the Federal Reserve’s planned rate hike have maintained the market’s skepticism. He said:
“I think literally the FED hasn’t even started hiking rates, they haven’t started pulling liquidity from the system and so the whole year thought would be a $30,000 to $50,000 range in bitcoin risk to the upside, not the downside.”
BTC/USD trades above $40k. Source: TradingView
‘You know five years out, if bitcoin isn’t at $500,000, I’m wrong on the adoption cycle,’ Michael Novogratz remarked, despite the current BTC price. He believes that Bitcoin, the world’s largest cryptocurrency, grew far quicker than the internet did in the 1990s last year.
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Adoption Will Require A Pause
If the king crypto is to rally, Novogratz believes that a pause is required, as BTC’s narrative story is to pull individuals into a community.
Bitcoin users outnumber Russians by a large margin, and it is difficult to recruit new members in the current climate.
According to Novogratz, the bitcoin revolution is not a one-way street. He cited the explosive expansion of altcoins, non-fungible tokens, and dollar-pegged stablecoins as examples.
There are still some regulatory barriers to overcome. Novogratz argued that BitLicense, New York’s landmark bitcoin regulatory system, should be scrapped.
He also chastised the Securities and Exchange Commission for its divisive enforcement-based regulatory agenda.
Simultaneously, Novogratz welcomed the Biden administration’s crypto executive action once more.
Bitcoin’s price has increased by more than 4.4% in the previous 24 hours and is currently trading at $41,217.
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Featured image from Pixabay, chart from TradingView.com
Michael Novogratz, CEO and founder of Galaxy Digital, in an appearance on Bloomberg TV, predicted that Bitcoin (BTC) will reach the $500,000 mark in the next five years. Novogratz’s surprising projection comes despite the current price action of BTC. He added that Bitcoin will trade in the range of $30,000 to $50,000 this year.
BTC to trade in range of $30K-$50K
The cryptocurrency market has seen a halt and somewhat a downward trend since the beginning of 2022. Current geopolitical situations have forced governments all over the globe to include crypto in their future policies. Recent instances like the Russian invasion of Ukraine and an expected hike in the Federal Reserve have maintained a constant doubt sentiment in the market.
I think literally the FED hasn’t even started hiking rates, they haven’t started pulling liquidity from the system and so the whole year thought would be a $30,000 to $50,000 range in bitcoin risk to the upside, not the downside, said Michael Novogratz
Despite the current BTC price, Michael Novogratz said that ‘You know five years out, if bitcoin’s not at $500,000, I’m wrong on the adoption cycle. He believes that the world’s largest cryptocurrency, Bitcoin has grown much faster last year than the internet did in the 1990s.
Galaxy Digital Founder & CEO Michael Novagratz shares expectations for Bitcoin in the next five years https://t.co/BrDmJzInZO pic.twitter.com/S6x6uwXu6u
— Bloomberg TV (@BloombergTV) March 15, 2022
Novogratz believes that we need to get a pause if Bitcoin wants to rally aggressively as BTC’s narrative story is to bring people into a community.
Need to hit the pause button
Novogratz believes that we need to get a pause if Bitcoin wants to rally aggressively as BTC’s narrative story is to bring people into a community.
Bitcoin holders are much more than Russia and it is hard to bring new people to join this community in the current scenario.
Once market hit some equilibrium I think you’re going to see the narrative really take off, said Michael Novogratz.
At the time of writing, Bitcoin price has registered a spike of over 4% in the last 24 hours is trading at $40,456 on Binance.
Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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