Michael Novogratz sees Bitcoin recovery.
“I wouldn’t be surprised if Bitcoin hit $30k this quarter,” said Michael Novogratz, Galaxy Digital CEO in February.
“When I look at the price action, when I look at the excitement of the customers calling, the FOMO building up, it wouldn’t surprise me if we were at $30,000 by the end of the quarter,” said Michael Novogratz.
But price predictions from all experts should be taken with a grain of salt, trying to guess where the price of anything will be in the long term is a fool’s game.
Michael Novogratz’s of Bitcoin $30,000 by Q1 is much lower than others Novogratz has made in the past. The Galaxy CEO once believed that Bitcoin could reach $500,000 by the end of 2027 if the United States Federal Reserve kept hiking interest rates.
“I wouldn’t be surprised if Bitcoin hit $30k this quarter”
So excessive monetary policy tightening could trigger a tsunami of debt defaults sending third-party counter risk through the roof, and triggering bank runs. Fractional reserve lending makes third-party counter risk extremely risky when central banks over-tighten. A depositor’s cash account is as good as someone else’s loan, but if the borrower defaults and the bank has inadequate liquidity to meet a wave of depositor withdrawals then cash accounts are at risk if the deposit amount exceeds the insurance threshold.
So Bitcoin has no third-party risk and if the investor, identified as the owner, holds the private keys to gain network access to those coins held on the blockchain, the asset has no custodian risk.
Precious metals have no third-party risk but they have custodian risk if those metals have been entrusted to a party for safekeeping.
Equally, holding Bitcoin where the exchange holds the private key has custodian risk.
Michael Novogratz sees Bitcoin recovery based on the asset having imputed value where it can be held with no third-party risk, no custodian risk, and is a highly portable asset.
“Michael Novogratz sees Bitcoin recovery based on the asset having imputed value where it can be held with no third-party risk, no custodian risk, and is a highly portable asset”
An investor can travel from, say Finland, New Zealand, or Paraguay with not much more than the shirt on his back and a passport, and arrive at his destination with immediate access to the asset. Try moving 500K US dollars of precious metals across international borders.
Bitcoin and large-cap cryptos have value, and in some ways, in the digital age, they are digital gold.
So it is no surprise that the adoption of cryptos as an asset is growing. We are not even at the cusp of applying blockchain technology to revolutionize banking, insurance, and real estate transactions and the application of smart contracts in business.
Crypto friendliness as a medium of exchange is growing as the coming generation prefers digital payments to notes and coins.
“Boring price action on Bitcoin since the correction, but still acting in support here” – Michael van de Poppe
Michael Novogratz sees Bitcoin recovery despite the asset price remaining range bound for weeks
Alongside the Fed’s February rate hike, Powell indicated inflation in the US had begun to slow, which saw Bitcoin shortly spike above $24,000 before declining below $22,000.
Cointelegraph contributor Michaël van de Poppe, founder, and CEO of trading firm Eight, thinks there is still reason to believe that the market will soon draw a line under the current short-term trend.
“Boring price action on Bitcoin since the correction, but still acting in support here,” he told Twitter followers on March 6.
“Indices bounced already, and seem to continue to do so. Might have another sweep of the lows and then reverse up, losing $21.5K = trouble time.”
A further post eyed a potential bounce target for $23,000 should the bulls reclaim some strength.
Michael Novogratz sees Bitcoin recovery with Bitcoin price being in the chop zone currently.
Weakness or strength in the coming day will be the leading of momentum/direction for BTC.
BTC price keeps traders and analysts in the dark as a week of macro triggers dawns while Bitcoin network fundamentals head toward new all-time highs.
Bullish sentiment sent BTC/USD to its February highs above $25,000, which was primarily due to funding rates, which have flashed negative twice since last week’s 5% BTC price dip.
“Expecting Bitcoin volatility to pick up during midweek Powell’s testimony”
– Crypto Santa
Michael Novogratz sees sustainable Bitcoin recovery with a focus on Fed’s Powell as macro signals return
Powell’s words to the US Congress’ House Financial Services Committee could flip the overall mood, albeit briefly, depending on the Fed chair’s communications regarding future economic policy.
At stake, in particular, are interest rates, with the decision on a benchmark Fed rate hike in March.
“Expecting Bitcoin volatility to pick up during midweek Powell’s testimony,” trader, analyst, and angel investor Crypto Santa confirmed in part of weekend Twitter posts.
Bitcoin’s lack of volatility is on every trader’s mind.
But the question is whether that will change in the coming days. Powell’s testimony begins this week, March 6.
There are plenty of potential catalysts, from macroeconomic data to exchange setups and more, but which will win out and in which direction it will send BTC price — remains to be seen.
Sentiment index hits 6-week lows but Michael Novogratz sees sustainable Bitcoin recovery
In a more pronounced turnaround than price action would suggest, crypto market sentiment is increasingly shedding any trace of bullishness this month, March.
In the Crypto Fear & Greed Index, the mood on the ground is now “neutral,” while the return of “fear” is getting ever nearer.
At 47/100, the Index hit its lowest level since mid-January over the weekend.
So Michael Novogratz sees Bitcoin recovery, but price action remains in the chop zone, and with Powell’s testimony looming, prices could go either way in the short term.
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