Galaxy Digital’s CEO believes that the appointment of the following Fed chair might set off Bitcoin to new heights. He additional projected BTC might hit the $200,000 mark on this bull cycle.
Fed Chair Nominee Could Define Bitcoin’s Next Big Rally
In a current interview with Kyle Chasse, Galaxy Digital CEO Mike Novogratz mentioned the selection of the following Fed Chair to exchange Jerome Powell could grow to be “the biggest bull catalyst for Bitcoin and the rest of crypto.”Â
According to him, if the incoming chief adopts an aggressively dovish stance, it might set off a parabolic rally throughout markets. This might drive each gold and the token sharply greater.
“Can Bitcoin get to $200K? Of course it could,” Novogratz declared, mentioning that such a transfer would essentially change how BTC is perceived. However, he cautioned that the next financial trade-off might be extreme.
Earlier this month, President Donald Trump confirmed Fed chair nominees he’s contemplating to succeed Powell. This consists of Kevin Hassett, former Fed Governor Kevin Warsh, and present Fed Governor Chris Waller. Treasury Secretary Scott Bessent was additionally talked about, although he has signaled little interest in the position.
The Galaxy CEO emphasised that whereas markets could anticipate a dovish decide, affirmation will solely come as soon as the appointment is made. “I don’t think the market will buy that Trump’s going to do the crazy, until he does the crazy,” Novogratz mentioned.
Bold BTC $200K Ambition Despite Market Decline
There has been downward strain on the Bitcoin price, and the cryptocurrency market has been in a bearish part. The coin is presently buying and selling near $109,000, following a 6% drop within the earlier week.
This downturn might be attributed to a number of components. For instance, Jerome Powell cooled further rate cut expectations for this 12 months. Bullish sentiment was tempered when the Fed Chair emphasised at an financial outlook luncheon that coverage stays data-dependent and never predetermined.
Novogratz acknowledged {that a} dovish pivot would possibly assist BTC within the brief run, however warned it might come at the price of the Fed’s independence. He described the end result as “really shitty for America.”
Adding to the turbulence, the crypto market liquidations totaled greater than $1.1 billion this week. Ethereum led the altcoin selloff with $409 million in liquidations, adopted by Bitcoin with $272 million.
Traders are additionally bracing for a large Bitcoin options expiry price $17 billion tied to its contracts on Deribit alone. A barely bearish slant is indicated by the put-call ratio of 0.75.Â
Despite this, the Galaxy Digital CEO maintains that the token might change sentiment in a single day if a dovish Fed Chair is appointed.
