The price of bitcoin hits a six-month high

Galaxy Digital Holdings CEO Michael Novogratz believes that the main cryptocurrency will be able to return to the $30,000 level or overcome it before the end of March this year. According to the entrepreneur, given the movement of the bitcoin rate, the excitement of traders and the growing syndrome of lost profits, he will not be surprised if BTC rises significantly by the end of the first quarter.

Novogratz previously predicted that Bitcoin could be worth $500,000 by 2025 if the Fed keeps raising interest rates. The businessman recalled the recent increase in the key rate by the US authorities by 0.25 percentage points. He believes that in the near future the regulator will not change its position.

“I doubt we will have an explosive return to old highs this year because of Fed Chairman Jerome Powell. He’s really doing what he intends to do, and I don’t think the Fed is going to cut rates anytime soon,” Novogratz said.

And the former head of market analysis at GenesisTrading, Noel Acheson, believes that the fall in the value of bitcoin last year by more than 60% turned the crypto asset into “an interesting tool for playing with liquidity.”

“BTC, given its strengths and different use cases, last year’s colossal drawdown and lack of cash flow to discount, has become one of the most sensitive sources of liquidity,” Acheson said.

Currently, the market capitalization of bitcoin reaches $476 billion. Over the past 24 hours, the crypto coin has risen in price to about $24,700, showing a maximum since mid-August last year.

Recently it became known Hollywood actor Keanu Reeves is another celebrity crypto enthusiast. He is confident that moving away from digital currencies due to volatility will strengthen them “in terms of how they are secured.”

Reeves noted that he is following innovation, pointing to the creation of music by artificial intelligence and the emergence of digital art in the form of NFTs. The actor noted that humanity in a cultural and social context “will face the value of the real or the non-valuable.”

“And what will be imposed on us then? What will we be presented with?” he commented.

What do you think about it?