Mike Novogratz: Bitcoin (BTC) Price Will Surge Soon After This Fed Action
In the midst of a challenging macroeconomic scenario, Mike Novogratz is optimistic with regards to his Bitcoin price prediction. Novogratz, the chief executive officer of Galaxy Investment Partners, has been a long time supporter of investing in Bitcoin (BTC). However, he does not believe BTC could bounce back massively by the end of 2022. Novogratz recently said there would be a slowdown in institutional investment flow into crypto industry until next year.
Bitcoin As An Inflation Hedge
The Galaxy CEO said he believes that Bitcoin will not go past $30,000 in near term. He added that BTC price in the range of $20,000, $22,000 or $30,000 would be ideal. In this context, Novogratz made a comment on the possibility of BTC playing role of an inflation hedge. Speaking to CNBC on Tuesday, he said the Federal Reserve’s decisions to raise interest rates were affecting BTC price. If the Fed relaxes the rate hike pattern, there could be a bull run for Bitcoin and other assets, he suggested.
“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.”
Fed Warned On Recession Risk
The United Nations Conference on Trade and Development warned central banks including the Fed of recession risks. The agency said central banks are risking chances of recession followed by prolonged stagnation if they keep raising interest rates. If a global economic recession does happen, BTC could stand a chance to benefit as a preferred choice of investment. However, the top cryptocurrency is yet to erase its correlation with the traditional markets. Nevertheless, Mike Novogratz Bitcoin price prediction could eventually become a reality if BTC deviates from other assets.
Meanwhile, BTC had after close to ten days crossed the psychological barrier of the $20,000 mark on Tuesday. As of writing, BTC price stands at $20,000, up 3.39% in the last 24 hours, according to price tracking platform CoinMarketCap. Earlier in September, BTC reached a peak of $22,540, following which there was a sharp drop.
- Fed’s Schmid Signals Opposition to Further Rate Cuts With Inflation ‘Too High’
- IBIT Bitcoin ETF Becomes BlackRock’s Most Profitable Fund, Nears $100B Milestone
- Bitcoin Tops $126,000 as Market Prices In Three-Week U.S. Government Shutdown
- Paul Tudor Jones Predicts Explosive Bull Market Amid Bitcoin’s ‘Uptober’ Rally
- Robinhood Outage Reported by Users, HOOD Stock Drops
- Solana Price Eyes 56% Rebound Amid Solana Company’s Massive $530M SOL Acquisition
- Ethereum’s Price Bullish Cycle Resumes as Grayscale Launches Spot Staking ETPs – Is $7,331 Next?
- Pi Network Price Risky Pattern Points to Crash as 14M Coins Leave OKX
- Bitcoin Price Prediction as Exchange Reserves Hit 6-Year Low—Is $150K Within Reach?
- Dogecoin Price Rebounds 15% From Buy Zone as Whales Add 30M DOGE – Can Bulls Push Beyond $0.30?
- FLOKI Price Prediction as ETP Listing Drives Adoption—Is a 160% Rally Ahead?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
