• Bitcoin has been on a roll since the beginning of the year, recently reaching $30K per unit.
• Mike Novogratz – a bitcoin bull and billionaire hedge fund manager – believes the currency is going to see a major price boom in the final months of the year.
• The Federal Reserve has hinted that 2023 could be a year of continued rate hikes, though they don’t expect them to be as aggressive as they were in 2022.
Bitcoin Price Booming
Bitcoin has been on an impressive run this year, recently surpassing $30K per unit for the first time in about ten or 11 months. This is especially interesting considering how much it fell during 2022, losing more than 70 percent of its value after hitting an all-time high in November 2021 (when it was trading at around $68K).
Mike Novogratz Predicts Bull Run
Billionaire hedge fund manager and bitcoin bull Mike Novogratz believes that BTC is going to see a major price boom before the end of 2023. He believes this is due to maneuvers that will be initiated by The Federal Reserve, which recently hinted that 2023 could be a year of continued rate hikes but not as aggressive as what happened in 2022. Novogratz predicts BTC may reach up to $40K by the end of 2023, adding about $200 billion to the crypto space.
Federal Reserve’s Role
The Federal Reserve’s recent actions suggest that inflation – which hit a 40-year high recently – won’t have such an adverse effect on bitcoin and other assets like it did last year when multiple rate hikes caused its price to plummet. Alex Kuptsikevich – senior market analyst at FX Pro – also commented on this saying: „The $30,000 mark was significant for bitcoin in 2021 and the first quarter results are proving its potential.“
Analysts Optimistic About Market Growth
Analysts remain optimistic about Bitcoin’s prospects despite some uncertainty over exactly how much influence The Fed will have over its growth this coming year. With institutional investors continuing to pour money into cryptocurrencies and more businesses accepting payments with BTC, many believe there’s still plenty of room for growth even if we don’t reach Novogratz’s prediction before 2023 ends.
Bullish Sentiment For Crypto Market
Overall sentiment among crypto enthusiasts remains bullish despite some volatility during periods when investors are uncertain about regulatory news or macroeconomic events. As long as central banks continue their accommodative stance towards monetary policy and governments create favorable conditions for blockchain adoption, there’s every reason to think Bitcoin can keep growing throughout 2023 and beyond!