Billionaire Investor Mike Novogratz Reveals New Price Prediction for Ethereum Following Recent Declines
Cryptocurrency-friendly billionaire and Galaxy Digital CEO Mike Novogratz made a noteworthy year-end prediction in his latest assessment of the Ethereum (ETH) price.
In his statement on social media, Novogratz argued that the “quadruple top” formation, which is occasionally encountered in technical analysis, is not as much of a bearish signal as it is thought.
“I've been trading for a long time and haven't often seen the 'quad top' pattern as a bearish signal. Usually, a slight correction follows, followed by the start of a new uptrend. We're currently trading in the $3,000-$4,000 range. But my instinct is that we'll break $4,000 by the end of the year, not $3,000,” he said.
Novogratz previously told CNBC that Ethereum could surpass Bitcoin in terms of performance within the next 3-6 months. He attributed this expectation to the growing number of companies holding Ethereum treasuries, and stated that if ETH surpasses the $4,000 level, it will enter a period of “price discovery.”
The Galaxy CEO also stated that he has set a price target of up to $150,000 for Bitcoin this cycle, noting that gold, silver, and crypto assets are gaining strength in an inflationary environment. He argued that global factors such as rising inflation in the US, Trump's interest rate cut pressure, and China's new “reflation” policies are supporting this trend.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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