Galaxy Digital’s Mike Novogratz has turned cautiously bullish on cryptocurrencies after nailing his Q1 forecast
During a recent earnings call, Galaxy Digital CEO Mike Novogratz said he wouldn’t be surprised if cryptocurrencies traded “significantly” higher by the end of the year.
The billionaire says he has become “more constructive” than at the beginning of 2022.
As reported by U.Today, Novogratz turned bearish for crypto in the near term, correctly predicting that it would be difficult to recover due to the weakness in the US stock market caused by the US Federal Reserve’s rapid tapping pivot. .
Bitcoin and most of the top altcoins took a massive hit in January, with the largest cryptocurrency plunging below the $33,000 level on January 24.
Recently, however, bulls managed to regain control of the market, pushing Bitcoin price to $48,234, its highest level in 2022 on the Bitstamp exchange earlier this week.
At the time of writing, the crypto king is changing hands for $45,617. Bitcoin has lost 4.4% after the European Parliament voted to crack down on anonymous cryptocurrency payments, a move critics say could lead to privacy erosion.
Bitcoin is still 33.76% off its peak, despite significant progress in recent weeks.
Novogratz has pointed to growing adoption as the main catalyst behind the next potential rally.
The cryptocurrency tycoon also says there is a lot of innovation happening in sectors like and the metaverse.
As reported by U.Today, Novogratz recently predicted that Bitcoin could reach half a million dollars within the next five years, claiming that the cryptocurrency is surpassing the internet’s adoption cycle.
The head of Galaxy Digital believes that the industry is still in its early stages, despite the massive growth of recent years.