Galaxy CEO analyzes possible behavior of Bitcoin

[Wimex]

The CEO of galaxy digital, Mike Novogratz, has closely followed the behavior of Bitcoin in this year 2022, which has had a lot of volatility; His analysis determined that this cryptocurrency would remain between 30,000 and 50,000 dollars, but when observing other variables, I conclude that the possibility that the BTC takes much more strength and reaches high values ​​is more than certain, this last hypothesis was established by noticing the great interest of people to enter this digital world.
Novogratz further includes the current war situations between Ukraine and Russia and relates this to the above by saying:

We had an outbreak of war in the Ukraine, where Russia has invaded. That's interesting. It creates a lot of inflationary pressures through the commodity cycle. It creates a lot of risk, risk-averse behavior and anxiety, but it also adds to a narrative in crypto, which is really positive and continues to accelerate adoption.

I agree with your vision regarding the behavior of Bitcoin, since this is a currency that gains more strength and interest for people every year, its possibility of taking a bullish course is very possible.

Analyzing the mentioned factors, what would be your opinion?



SOURCE: https://dailyhodl.com/2022/04/02/billionaire-mike-novogratz-says-bitcoin-may-significantly-outperform-his-earlier-targets-for-2022/

[DapanasFruit]

With the way am seeing things right now, I would fully agree with Mike Novogratz the Bitcoin's price can be ranging between 30K - 50K within this year though there can be a big possibility of it breaking out of the 50K zone maybe in the third or fourth quarter of the year. Yes, there seems to be an increasing interest of people most especially the younger generation with Bitcoin and this can certainly be impacting the whole cryptocurrency market not just in 2022 but also in the coming years as well...this is actually a big trend that can make things better for the industry. Other developments like inflation, the war and the possibility of recession in 2023 may also be affecting the mood of the market. As of now, am already discounting the impact of the pandemic in the overall picture. Now, the biggest question I have in mind is this: Will there be a big bullrun in 2022? And on that...I would only say I am hoping there can be.

[GreatArkansas]

His analysis determined that this cryptocurrency would remain between 30,000 and 50,000 dollars
(.....)

Finally, I saw a realistic prediction from a businessman/investor perspective unlike to other people who are just telling random numbers without any basis or explanation which is clearly only telling those numbers just to pump their bags.
I also somehow agree with Mike Novogratz, that we can experience crypto winter during this month, which for me is also good, natural, and could help the market become healthy.

[NeuroticFish]

Finally, I saw a realistic prediction from a businessman/investor perspective unlike to other people who are just telling random numbers without any basis or explanation which is clearly only telling those numbers just to pump their bags.

Usually those personalities say overly big numbers for 2 clear reasons:
* shocking numbers get attention/press, normal numbers not really
* they want to show that they do believe in the rise of this market

On the other hand Novogratz is already such a name, whatever he will say, it will most probably end up in the news. And then why don't just be real/thoughtful?

I also somehow agree with Mike Novogratz, that we can experience crypto winter during this month, which for me is also good, natural, and could help the market become healthy.

On one hand many tell that this cycle will be different than the rest. I don't know if this means smaller crash or no crash at all, some even hope for no crypto winter.
Some do say that the current value, compared to 69k ATH is a crash and we're already in sort of crypto winter.
Some were already cheering 2 weeks ago that we're heading to next ATH

Imho the fact that we are just experiencing some sort of altcoin season, may mean that the actual crash and crypto winter may be the next step - if there will be such a step in this cycle.
But with those huge amounts of money pouring in, expecting crypto winter is not a safe bet. And institutional investors may not be happy to see a real crash (they may not see it as a healthy move).

All in all, the overall view is unclear and imho all the options/direction are on the table.

[Beparanf]

His analysis determined that this cryptocurrency would remain between 30,000 and 50,000 dollars
(.....)

Finally, I saw a realistic prediction from a businessman/investor perspective unlike to other people who are just telling random numbers without any basis or explanation which is clearly only telling those numbers just to pump their bags.
I also somehow agree with Mike Novogratz, that we can experience crypto winter during this month, which for me is also good, natural, and could help the market become healthy.

This is simple way of telling that I already sold the majority of my crypto holdings so I will tell a realistic analysis while other crypto figure gives a skyrocket price prediction to hype the market because obviously they are heavily invested at that moment. 

Kidding aside, I believe Mike Novogratz already knew how those other crypto figure predicts and crypto people just make fun of them. Giving an honest feedback about the current situation somehow can give boost to crypto holders since they will start accumulating slowly near the low price range which Mike give.

[davis196]

His analysis determined that this cryptocurrency would remain between 30,000 and 50,000 dollars
(.....)

Finally, I saw a realistic prediction from a businessman/investor perspective unlike to other people who are just telling random numbers without any basis or explanation which is clearly only telling those numbers just to pump their bags.
I also somehow agree with Mike Novogratz, that we can experience crypto winter during this month, which for me is also good, natural, and could help the market become healthy.

If I remember this correctly,Mike Novogratz made some very bullish predictions,but now the BTC price is currently going back down,so he started making "realistic predictions" again.This is hilarious.
Anyway,a 'crypto winter' doesn't last for one month only.It should last for several months.
I don't believe that a crypto winter(or a stagnant market) is good or healthy for BTC.
It isn't either good or bad.It just is what it is.Bullish markets,FOMO and price bubbles can be both good or bad(if you know when to buy and when to sell),but a stagnant crypto market isn't good for anyone(but it also isn't bad,because this is the best time to buy Bitcoin/altcoins).
The profit seekers want high volatility.

[batang_bitcoin]

If I remember this correctly,Mike Novogratz made some very bullish predictions,but now the BTC price is currently going back down,so he started making "realistic predictions" again.This is hilarious.
Anyway,a 'crypto winter' doesn't last for one month only.It should last for several months.
I don't believe that a crypto winter(or a stagnant market) is good or healthy for BTC.
It isn't either good or bad.It just is what it is.Bullish markets,FOMO and price bubbles can be both good or bad(if you know when to buy and when to sell),but a stagnant crypto market isn't good for anyone(but it also isn't bad,because this is the best time to buy Bitcoin/altcoins).
The profit seekers want high volatility.

I have always remembered this guy that keeps on predicting high prices. First was during the ATH and bullish market on 2017 for which he said that bitcoin was likely to hit and go for real $100k for 2018.
But we know what's next has been achieved by that year. I guess this guy will keep on making bullish predictions as he's been bullish just like us but his guesses are quite high.

[lornadane]

If I remember this correctly,Mike Novogratz made some very bullish predictions,but now the BTC price is currently going back down,so he started making "realistic predictions" again.This is hilarious.
Anyway,a 'crypto winter' doesn't last for one month only.It should last for several months.
I don't believe that a crypto winter(or a stagnant market) is good or healthy for BTC.
It isn't either good or bad.It just is what it is.Bullish markets,FOMO and price bubbles can be both good or bad(if you know when to buy and when to sell),but a stagnant crypto market isn't good for anyone(but it also isn't bad,because this is the best time to buy Bitcoin/altcoins).
The profit seekers want high volatility.

I have always remembered this guy that keeps on predicting high prices. First was during the ATH and bullish market on 2017 for which he said that bitcoin was likely to hit and go for real $100k for 2018.
But we know what's next has been achieved by that year. I guess this guy will keep on making bullish predictions as he's been bullish just like us but his guesses are quite high.

Sometimes a guess is true even though we can't predict it, but his belief is strong so all of that can happen.
 Even though they once said bitcoin could reach $100k, but until now it's 2022 there is no sign that bitcoin will go up to $100k and maybe bitcoin needs tens of x bullruns again to reach that price.

[buwaytress]

30-50k range sounds like the most conservative estimate, so he's really just gone safe, regardless of external circumstances (inflation, conflict, supply/production disruption).

Short-term sentiment's pretty fragile. April early birds were looking forward to 50k, but the 40k support didn't hold, and it's still a thin membrane we're treading on this week.

All bets are off, we're really just spectators to new behaviour.

[wxa7115]

The CEO of galaxy digital, Mike Novogratz, has closely followed the behavior of Bitcoin in this year 2022, which has had a lot of volatility; His analysis determined that this cryptocurrency would remain between 30,000 and 50,000 dollars, but when observing other variables, I conclude that the possibility that the BTC takes much more strength and reaches high values ​​is more than certain, this last hypothesis was established by noticing the great interest of people to enter this digital world.

At least it is a realistic prediction, he is covering all the basses with the prediction, in the worst case scenario he is expecting that we could see a price of 30k which will be close to the bottom that we already saw during this year.

And on the positive side of his prediction he give us the 50k level which could put bitcoin on the verge of a new bull run, so I think his prediction is reasonable, however taking into consideration the volatility and uncertainty the world is going through we may see bitcoin moving outside of that range during this year.

[cryptomaniac_xxx]

30-50k range sounds like the most conservative estimate, so he's really just gone safe, regardless of external circumstances (inflation, conflict, supply/production disruption).

Short-term sentiment's pretty fragile. April early birds were looking forward to 50k, but the 40k support didn't hold, and it's still a thin membrane we're treading on this week.

All bets are off, we're really just spectators to new behaviour.

Yeah, we've even hit as high as $48k in the recent run so it's very close to his conservative estimates.

But this seems to be short term though, the next 2 quarters might be different scenario that his predictions might not be applicable anymore.

So yes, all bets are off after that, if it is a hit or miss, then its because a new pattern has emerge.

[ajochems]

This is also the marketing shunts from another celebrity.But apart from all this,bitcoin had it’s own strategy and strength to shine on this field.Because,when I had said my friend bitcoin will touch 10k dollars in 2016,he won’t accepted and make fun on me.But now I am making fun on him,because his blender in the life,I am rich enough with my holding bitcoin and she struggle to buy few bitcoin now.

[batang_bitcoin]

I have always remembered this guy that keeps on predicting high prices. First was during the ATH and bullish market on 2017 for which he said that bitcoin was likely to hit and go for real $100k for 2018.
But we know what's next has been achieved by that year. I guess this guy will keep on making bullish predictions as he's been bullish just like us but his guesses are quite high.

Sometimes a guess is true even though we can't predict it, but his belief is strong so all of that can happen.
 Even though they once said bitcoin could reach $100k, but until now it's 2022 there is no sign that bitcoin will go up to $100k and maybe bitcoin needs tens of x bullruns again to reach that price.

It's still a guess and will remain a guess whether it becomes true or not. I'm also a believer that bitcoin will certainly going to reach $100k soon.
But the difference is that I'm not an expert in title and I don't have a timeframe when it shall happen. It's misleading the newbies specially if they're giving dates and approximation.

[kawetsriyanto]

His analysis determined that this cryptocurrency would remain between 30,000 and 50,000 dollars,

He knows that the Bullrun phase was over, so he made a safe prediction by stating $30k - $50k during this year. I personally cannot blame this prediction, he is free to predict at any price although he seems too pessimistic about the possibility of BTC price this year. There is something that seems out of tune with his statement. If he believes the BTC trend is likely to strengthen, why is the possible highest price of BTC only $50k? BTC price is still around $40k, it should have the possibility to go above $50, right?

IMO

[adaseb]

He has been investing in Bitcoin for years and has made good money from doing so. Unlike other crypto influencers who bought recently like Saylor and who keep giving crazy predictions that it will go to like $1M in like a year or so.

So I respect him for that. However other influencers like Saylor who are telling people to mortgage their house and buy Bitcoin with it is just crazy. He gave this speech back when Bitcoin was at $60K and now with rising interest rates these people would be in a bad financial situation.

[buwaytress]

All bets are off, we're really just spectators to new behaviour.

Yeah, we've even hit as high as $48k in the recent run so it's very close to his conservative estimates.

But this seems to be short term though, the next 2 quarters might be different scenario that his predictions might not be applicable anymore.

So yes, all bets are off after that, if it is a hit or miss, then its because a new pattern has emerge.

Yeah, when I said he was being conservative, I meant he was being safe, aka, he might as well just have come to this forum and seen that it's the general feeling we're in a rangebound market for the next few weeks/months. I see we're back above 40k support but not very convincingly, no new discernible pattern for me, and I'm doubtful any kind of TA can really unearth anything different. Oh well =)

[hugeblack]

Mike Novogratz has a long history of unjustified or extravagant estimates^[1][2] so I do not have to say but just talk or respond to a journalist questions.
The prediction that is logically indicated but the price tends to the wishes and therefore good to see he did not give a very optimistic predictions as he was doing in the past.

Overall, it seems that his company is investing in the central funding, and therefore I can not believe its "prediction"^[3]

[1] Bitcoin Predicted to Reach $500,000 by Mike Novogratz
[2] Ethereum Going to $6,500 by Year End, Says Co-Head of Galaxy Digital Trading
[3] CoinFund, Galaxy Digital Lead $3.5M Round for Dapp Cloud Computing Startup

[Natalim]

Everyone would agree with him if you are bullish on bitcoin, this guy is bullish on bitcoin and therefore all his analysis are bullish. However, we cannot blame him because although some of his predictions are exaggerated, but if we follow him, we can still be profitable especially if we know how to hold and to buy at the right timing.

[1] Bitcoin Predicted to Reach $500,000 by Mike Novogratz

I believe that this will happen, but not in the near future.

[Baofeng]

His analysis determined that this cryptocurrency would remain between 30,000 and 50,000 dollars
(.....)

Finally, I saw a realistic prediction from a businessman/investor perspective unlike to other people who are just telling random numbers without any basis or explanation which is clearly only telling those numbers just to pump their bags.
I also somehow agree with Mike Novogratz, that we can experience crypto winter during this month, which for me is also good, natural, and could help the market become healthy.

If I remember this correctly,Mike Novogratz made some very bullish predictions,but now the BTC price is currently going back down,so he started making "realistic predictions" again.This is hilarious.
Anyway,a 'crypto winter' doesn't last for one month only.It should last for several months.
I don't believe that a crypto winter(or a stagnant market) is good or healthy for BTC.
It isn't either good or bad.It just is what it is.Bullish markets,FOMO and price bubbles can be both good or bad(if you know when to buy and when to sell),but a stagnant crypto market isn't good for anyone(but it also isn't bad,because this is the best time to buy Bitcoin/altcoins).
The profit seekers want high volatility.

Or crypto winter can last years, the only good thing about stagnant crypto market is that you have to look at the bright side, just accumulate as much as you can if you are a long term investors and wait for the next cycle.

Anyhow, I will echo the sentiments of others here, Mike has and will always been bullish on bitcoin, and will throw random numbers and then justify it.

[btc_angela]

Everyone would agree with him if you are bullish on bitcoin, this guy is bullish on bitcoin and therefore all his analysis are bullish. However, we cannot blame him because although some of his predictions are exaggerated, but if we follow him, we can still be profitable especially if we know how to hold and to buy at the right timing.

[1] Bitcoin Predicted to Reach $500,000 by Mike Novogratz

I believe that this will happen, but not in the near future.

Yes, he is always bullish on bitcoin obviously, and from time to time he throws numbers that at first very exaggerated, but who knows, maybe we will have that chance to hit $500k in the future. Same thing happen in 2017 wherein no one sees that we can actually hit $20k. What I'm saying is that we should take his interpretation and look if it is viable then make adjustments on ours side (hold for years), and see how it goes.