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- Mike Novogratz expects Bitcoin to maintain its current price range and not exceed $30,000 anytime soon.
- Meanwhile, Bloomberg analysts expects Bitcoin to reach $100,000 in a matter of time.
Mike Novogratz, an American investor who is also the founder and CEO of Galaxy Digital, is of the opinion that Bitcoin is not reaching the $30,000 price level anytime soon. According to the investor, the top cryptocurrency will expectedly remain within its current range despite its recent rebound signs. In his reason for the prediction, Mike Novogratz said Bitcoin had not seen significant inflows of institutional capital.
Speaking in an interview on Bloomberg TV, the Galaxy Digital founder said:
Will Bitcoin get through $30,000 in this move up? We will see – I’m doubtful. I think we’re going to probably be in this range now. I quite frankly would be happy if we’re in a $20,000, $22,000 or $30,000 range for a while. We’re not seeing huge institutional flows, to be fair, but we’re not seeing anyone take back.
Meanwhile, Bitcoin is currently trading at $23,404. The crypto asset has lost nearly 3 percent in the last 24 hours, and its market cap is down $2.89. In the last 24 hours, BTC has dangled between $23,384.52 and $24,203.69. During the same period, the digital asset has seen its trading volume pump by 12.84 percent.
Mike Novogratz downplays Bitcoin, bullish on Ethereum
While he downplayed how Bitcoin will perform over time, Mike Novogratz said Ethereum could climb to $2,200 or more. The CEO is pricing-in the incoming upgrade, The Merge, scheduled for September 19th. As Ethereum developers launched Sepolia testnet in preparation for the upgrade, Ethereum products began to see inflows.
Sometime in July, net inflows reached $7.6 million as institutional investors’ interest grew. The inflows were a turnaround for Ethereum after surviving 11 consecutive weeks of outflows. At press time, ETH is at $1,722.14, having plunged 2.67 percent in the last 24 hours. At a market cap of over $209.4 billion, the second-largest cryptocurrency has popped 27.55 percent in the last 24 hours.
Despite the expectations on both Bitcoin and Ethereum, Mike Novogratz said he does not see “the mania that we saw in 2021 or 2017 reigniting” considering the Federal Reserve tightening rates.
Elsewhere, Senior Commodity Strategist at Bloomberg Intelligence Mike McGlone has a high expectation of Bitcoin. McGlone is confident that it is only a matter of time before BTC spikes to $100,000. In his words:
The energy spike is providing its own worst enemy with macroeconomic implications that may buoy gold and help Bitcoin translation toward a high-beta version of the metal and Treasury bonds.
However, the Bloomberg analysts did not place a time frame on his bullish stance on BTC.
