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Bitcoin is unlikely to recoup the $30,000 mark anytime soon, according to billions of investors

The billionaire investor also doesn't expect any major bull market in cryptocurrencies this year due to the Fed's rate hike.

Billionaire American investor and cryptocurrency mogul Mike Novogratz is pessimistic about the ability of Bitcoin to climb to the $30,000 mark again soon. The founder and CEO of the cryptocurrency investment firm, Galaxy Digital, has revealed that he expects bitcoin to remain "range-bound" for the time being after its recent price surge.

Speaking to reporters, Novogratz said he remains skeptical that bitcoin is likely to embark on a bull market that will see its price hit the $30,000 mark again. The billionaire investor cited the lack of large institutional capital inflows as the main reason for his assertion.

"Will bitcoin break $30,000 in this rally? We'll see. I doubt it. I think we're probably in that range now. Frankly, I would be happy if we were in the $20,000, $22,000 or $30,000 range for the time being, "Novogratz stated in an interview.

"It's fair to say we don't see huge institutional flows, but we don't see anyone holding back," he added.

"With the Fed tightening, I don't think the mania we saw in 2021 or 2017 is going to reignite. The Bitcoin story is tied to the Fed, and we're still in a very complicated scenario. A couple of recent data releases have started to say, oh my God, maybe the crazy idea of a soft landing is possible. I'm still skeptical about a soft landing, but the market is telling you they believe in it, so the acid is going up and I think the Fed will be able to stop raising rates, "he said.

8cc37bdc44335d0993704d42cf359d36In the long run, Novogratz is bullish on Bitcoin. Earlier this year, the investor predicted Bitcoin could reach around $500,000 within the next five years, highlighting its rapid adoption and unique features, such as being "tailored for an inflation-proof store of value" and being "easily transferable."

In mid-June, Novogratz took another deep dive into the state of the crypto market and claimed that the Fed needed to "take the brakes off" for the market to rally and that bitcoin was "trading well" until the fourth quarter.

However, the CEO of Galaxy Digital expects Ethereum to take a giant leap forward this year. According to him, Ethereum will climb to $2,200 or above given The recent momentum and software upgrades that led to The Merge. At the time of writing, the digital token was trading at $1,690, down 4.47% in the last 24 hours.

On August 8, Mike Novogratz's Galaxy Digital announced that it had suffered a loss of $554 million, more than double the amount recorded in the second quarter of 2021.

"The increase in losses was primarily related to unrealized losses on digital assets and investments in our trading and primary investment businesses, due to lower digital asset prices, partially offset by the profitability of our mining operations," the release said.

The company is one of the largest investors in the Terra ecosystem. Luna's collapse subsequently caused the company to lose significant investments.

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