Since last week the cryptocurrency market was all green where the major cryptocurrencies were maintaining their pace around the respective price levels. However, though Bitcoin price is still hovering around the $23,000 mark, the currency is down by 2.88% trading at $23,395.
While the flagship currency is struggling for the bull run, Mike Novogratz, a crypto billionaire and Galaxy Digital founder believes that Bitcoin will not see much of a spike. He is of the opinion that the King currency will not trade beyond $30,000 in the near future and says that there won’t be much of institution investments either.
These conversations were seen during a recent interview with Bloomberg where Mike Novogratz claimed that he is doubtful if Bitcoin will see its price levels above $30,000. Further he states that he wishes to see BTC price trading around $20,000, $22,000 or at most $30,000 for a while.
Meanwhile, Mike’s expectations towards Ethereum are opposite of that of Bitcoin. Here, he predicts Ethereum to crawl towards $2,200 or even more because of the recent price surge and the network upgradation after The Merge. At the moment, Ethereum is selling at $1,720 with a pull back of 2.76% over the last 24hrs.
Mike Novogratz : No Bitcoin Bull Run In 2022
However, Mike is not that positive towards seeing any big bullish moment for the year 2022 as the current macro developments doesn’t stand that supportive towards the crypto space. He further states that with the Federal Reserve increasing the interest rates there won’t be any big boom happening like 2021 or 2017.
Mike Novogratz’s Galaxy Digital disclosed a $554 million loss on Monday, August 8. In reference to Q2 2021, total liabilities have increased nearly thrice.
Also, the Galaxy Digital was one of the largest contributors to Terra network and when the Terra (LUNA) collapsed it was a massive breakdown for the Company that faced huge losses.