Bitcoin’s price remained above $40,000, with a spike beyond $41,000 following the Federal Reserve’s announcement that it would hike interest rates for the first time in three years. Bitcoin had been stuck below $40,000 in recent days, following a 10 percent price increase to over $42,000.
The last time Bitcoin Price was above $45,000 was on March 2, while the year’s high point so far has been in the first few days of January, when it nearly reached $48,000 on January 2. At the time of writing, BTC is trading at $41,203.98.
Where Will BTC Price Head in the Next Five Years?
In an interview with Bloomberg TV, Michael Novogratz, CEO, and founder of Galaxy Digital estimated that Bitcoin (BTC) will reach $500,000 in the next five years. Despite the current price of Bitcoin, Novogratz’s startling prediction comes as a surprise. He also predicted that Bitcoin will trade between $30,000 and $50,000 this year.
‘You know five years out, if bitcoin isn’t at $500,000, I’m wrong on the adoption cycle,’ Novogratz remarked, despite the current BTC price. He believes that Bitcoin, the world’s largest cryptocurrency, grew far quicker than the internet did in the 1990s last year.
“I think literally the FED hasn’t even started hiking rates, they haven’t started pulling liquidity from the system and so the whole year thought there would be a $30,000 to $50,000 range in bitcoin risk to the upside, not the downside,” said Novogratz.
If Bitcoin is to rally aggressively, Novogratz believes that a pause is required, as BTC’s narrative story is to pull individuals into a community. Bitcoin users outnumber Russians by a large margin, and it is difficult to recruit new members in the current climate. I believe the narrative will take off if the market reaches a point of balance, according to Novogratz.
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Source: https://coinpedia.org/bitcoin/btc-price-may-trade-within-30k-50k-this-year/