empty
31.01.2023 07:37 AM
Mike Novogratz: Bitcoin will eventually reach $500,000, but not anytime soon.

This image is no longer relevant

Bitcoin is confidently moving to the level of $24,350 on the 4-hour TF. But as we are seeing now with the euro, there has been a pause in the upward momentum in recent days. Keep in mind that the euro and bitcoin are currently in a similar situation. Unlike the dollar, the euro is seen as a dangerous currency, while bitcoin is the riskiest form of investing. Both of these assets fell when the Fed and other central banks across the world started actively raising rates. Both assets have become more active as the time for the end of monetary policy tightening comes closer.

We have consistently questioned the validity of the euro's increase in recent weeks. The QT program is still in operation, and the Fed is still raising interest rates. That is, just because tightening has slowed down doesn't mean that it has completely stopped. Naturally, market participants can predict some future occurrences and patterns. However, it is important to keep in mind that the rates will likely stay high for a very long time. Thus, according to theory, 2023 shouldn't see any significant growth. Also, keep in mind that the bullish trend for bitcoin has not yet begun. When the price surpasses the significant level of $24,350, which may serve as the side channel's upper limit, it will be possible to discuss such a trend.

This image is no longer relevant

At the same time, Mike Novogratz, the CEO of Galaxy Digital, predicted that bitcoin will reach a price of $500,000 but that it would take longer to get there than anticipated. According to Novogratz, "the Fed's actions, which decided to demonstrate its ability to combat rising inflation and hiked rates from 0% to 4%, are the primary cause of the fall of bitcoin." As a result, all of the assets that we thought would be useful for hedging inflation started to decline. According to the CEO of Galaxy Digital, this is the primary cause of the bitcoin market's decline. At present, the crypto industry is struggling as a result of several significant players declaring bankruptcy, but these difficulties will pass and the sector will grow stronger and more established. As a result, the prices of digital assets will rise as well. However, it will take time; Novogratz estimates that it may take 5 or 10 years for bitcoin to reach the $500,000 threshold.

The first cryptocurrency's rise continues with a target of $24,350 over a 4-hour period. From our perspective, a rebound from the level of $24,350 will serve as a signal to close any long positions and begin new short positions with targets of $18,500 and $17,582. The fundamental background should ideally steadily improve so that Bitcoin can continue to rise. Bitcoin might theoretically start a bullish trend. We have not seen this thus far.

Paolo Greco,
Analytical expert of InstaForex
© 2007-2025
Summary
Urgency
Analytic
Stanislav Polyanskiy
Start trade
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

Crypto market: altseason gains momentum

The crypto market is showing strong signs of entering a new phase of altseason—a period of accelerated growth for altcoins. In mid-July, the DOGE/USD pair returned to the mid-term bull

Jurij Tolin 16:46 2025-07-22 UTC+2

Trading Recommendations for the Cryptocurrency Market on July 22

Bitcoin once again failed to consolidate above the $119,000 level, falling back to the $116,000 area during the Asian session today. Ethereum also fell slightly after hitting $3850. Meanwhile, according

Miroslaw Bawulski 09:50 2025-07-22 UTC+2

Bitcoin and Ethereum Maintain Strong Momentum

Following the signing of several legislative acts last week regulating the cryptocurrency sector in the United States, Bitcoin and Ethereum are showing solid confidence. This step, anticipated by many market

Jakub Novak 09:50 2025-07-22 UTC+2

Deep corrections and crypto winters are over for Bitcoin

After briefly pausing in response to Friday's news about President Trump signing three new bills regulating the digital asset market in the US, Bitcoin resumed its upward movement and reached

Jakub Novak 10:46 2025-07-21 UTC+2

Trading Recommendations for the Cryptocurrency Market on July 21

Bitcoin spent the weekend relatively calmly, trading within the range of $ 117,000 to $ 118,500, while Ethereum posted a solid gain, updating its monthly high to around $ 3,800

Miroslaw Bawulski 10:22 2025-07-21 UTC+2

Trading Recommendations for the Cryptocurrency Market on July 18

Bitcoin returned to the $121,000 mark today, but failed to hold above it. Ethereum broke through the $3,600 level. In addition to the fact that all necessary cryptocurrency-related bills passed

Miroslaw Bawulski 08:42 2025-07-18 UTC+2

Solana has the potential to continue its rally to the next resistance level on Friday, July 18, 2025.

Solana – Friday, July 18, 2025. With a Golden Cross condition between the EMA (50) and the EMA (200) as well as the RSI (14) in the neutral-bullish area, there

Arief Makmur 07:02 2025-07-18 UTC+2

Bitcoin Forecast for July 18, 2025

Yesterday, Bitcoin tested the support level of 117,730 with a long lower shadow on the daily candle and closed the day above the inner line of the green price channel

Laurie Bailey 04:46 2025-07-18 UTC+2

Trading Recommendations for the Cryptocurrency Market on July 17

Bitcoin attempted several times yesterday to break above the 120,000 level but failed to succeed. Ethereum, on the other hand, completed its task and easily jumped from 3,100 to 3,300

Miroslaw Bawulski 09:05 2025-07-17 UTC+2

Some market makers fix profits

Meanwhile, as Bitcoin rebounded to the $119,000 level, some major players in the cryptocurrency market were quick to take profits after recent large price movements. Investment firm Ark Invest

Jakub Novak 13:22 2025-07-16 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.