Bitcoin (BTC) Price Won’t Surge Above $30K in 2022 – Predicts Mike Novogratz

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On Tuesday, Bitcoin finally overcame the psychological threshold of the $20,000 milestone after nearly ten days. BTC experienced a steep decline after reaching a peak of $22,540 earlier in September. While analysts are positive about BTC’s journey ahead, Mike Novogratz’s forecast of Bitcoin’s price is quite optimistic. 

Chief Executive Officer of Galaxy Investment Partners Novogratz has always supported Bitcoin investment (BTC).

He does not, however, think that BTC will make a significant comeback by the end of 2022. Novogratz recently predicted that institutional investment in the cryptocurrency market would pause until next year.

But, BTC won’t rise above $30k

“When Powell started beating inflation over the head with a sledgehammer, of course Bitcoin came back down as did lots of assets. If he gives up this fight, you are going to see Bitcoin and other assets take right back off.”

The CEO of Galaxy stated that he doesn’t think Bitcoin would rise above $30,000 in the foreseeable future. A BTC price in the range of $20,000, $22,000, or $30,000, he continued, would be great. 

"When Powell started beating inflation over the head with a sledgehammer, of course #Bitcoin came back down as did lots of assets," says @novogratz. "If he gives up this fight, you're going to see Bitcoin and other assets take right back off." pic.twitter.com/pXTVowzl3t

— Squawk Box (@SquawkCNBC) October 4, 2022

Novogratz commented on the potential for Bitcoin to serve as an inflation hedge in this setting. He said in an interview with CNBC on Tuesday that the price of BTC was being impacted by the Federal Reserve’s plan to boost interest rates. He predicted a bull run for Bitcoin and other assets if the Fed eased off on its rate hike schedule.

However, given that institutions don’t seem interested in the asset, as seen by the discount at Grayscale when compared to NAV, it looks that the Bitcoin price will remain bearish for the time being. At the time of writing, Bitcoin was trading just inches above the $20,000 mark. The coin was up by more than 2 percent in the last 24 hours.