Michael Novogratz, CEO of Galaxy Digital, believes that Bitcoin will rebound despite recent fluctuations. He predicts a likely upward trend by the end of the year. Let's see what his goals are for Bitcoin this year.
Bitcoin Price to Drop $50,000 Ahead of New ATH
In a recent interview With Fox Business, Michael Novogratz, a prominent figure in the cryptocurrency world, shared his prediction that Bitcoin would quickly reach $100,000 within the next year. He noted that Bitcoin could fluctuate between $58,000 and $69,000 before experiencing a stronger upward surge. Novogratz highlighted the growing momentum in exchange-traded funds (ETFs) as a key driver of this growth, suggesting a bullish outlook for the digital currency.
He adds that Bitcoin could fall back to the mid-$50,000s after its big jump of more than 40% this year.
But he also sees this as an excellent time to buy BTC. Here's why?
Bitcoin recently hit an all-time high, surpassing $69,200 and pushing its market capitalization to over $1.3 trillion. The rise has been attributed to factors such as increased adoption by institutional investors and generally positive sentiment in the cryptocurrency market. However, Bitcoin also faced significant volatility, falling below $60,000 before rebounding to around $66,000.
An imminent crash?
Despite the optimism surrounding Bitcoin's potential, Novogratz warned of the “frothy” state of cryptocurrency assets in a Bloomberg article. interview made six days ago. Novogratz says many new investors are buying cryptocurrencies, which could boost prices before cutting them in half. But there can be ups and downs, making the journey rocky for Bitcoin and other cryptocurrencies. Since the halving, there is a possibility of massive fluctuations.
BTC consolidation range: $60,000 – $69,000
Bitcoin price is expected to experience a prolonged consolidation phase between $60,000 and $69,000, mainly due to the continued selling trend among long-term holders. IntoTheBlock analysis revealed a significant buy wall at $59,300, suggesting a potential reversal if these holders maintain their positions. However, selling pressure from bearish traders near psychological resistance at $70,000 makes a near-term move towards $75,000 unlikely.