The cryptocurrency market cap has added over $100 billion in just the past day. From $1 trillion, the aggregate valuation of all the assets in the market surpassed the $1.12 trillion threshold on Thursday. Bitcoin, the largest cryptocurrency, has risen by more than 11% over the past day. Thanks to the rally, BTC has been trading at $24.6k, a level last seen in August 2022. As shown below, the asset has now completed a full P&L cycle over the past six months.
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Bitcoin Q1 Price Forecast
Well, at this stage, bullish predictions have already started getting renewed. Talking at a Bank of America Corp. conference recently, Chief Executive Officer and Founder of Galaxy Digital Holdings Ltd, Mike Novogratz opined that Bitcoin could hit the $30k mark by the end of this quarter. Elaborating on the same, he said,
“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.”
Highlighting the changing conditions, he added,
“And I would’ve given both my shoes for that to be true just six weeks ago. Like if we end the year $30,000, I will be the happiest guy.”
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It is worth recalling that the executive earlier forecasted that Bitcoin would attain $500,000 in 2024. In December, however, he downplayed the prediction. He asserted that he expected that benchmark to be eventually attained, but “not in five years.” At the time, he pointed fingers at Federal Reserve Chair Jerome Powell’s interest-rate increases.
Talking about the same subject on Wednesday, he said,
“What makes me skeptical that we can have the explosive, back-to-the-old highs this year is Chairman Powell. He’s really doing what he says he’s going to do, and I don’t see the Fed pivoting and cutting anytime soon.”
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