Mike Novogratz forecasts Bitcoin to remain in a $20,000–$30,000 range

The price of the first cryptocurrency will stay in a $20,000–$30,000 range, as interest in digital gold is not backed by a meaningful inflow of institutional funds. In an interview with Bloomberg, Galaxy Digital CEO Mike Novogratz said this.

“Will Bitcoin be able to break above $30,000 in the current upmove? We’ll see. I doubt it. … I would be glad if we stayed in the range of $20,000, $22,000 or $30,000 for some time. We do not see large inflows from institutional investors, but there are no large sales,” he explained.

According to the expert, Ethereum could reach $2,200 or higher ahead of The Merge.

Novogratz drew attention to the tightening stance by the the Fed, which manifested as ‘the absence of the mania characteristic of the cryptocurrency market in 2017 and 2021’.

Earlier in July, Galaxy Digital’s CEOdoubted Bitcoin’s collapse to $13,000.

Earlier, the crypto bank led by Novogratz reported a loss of $554.7 million for the second quarter. The company’s liquidity stood at $1.5 billion.

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