Mike Novogratz allowed Bitcoin to rise to $100,000

BestChange
2 min readMar 14, 2024

The price of the main cryptocurrency has again reached a historical high. The Bitcoin rate has surpassed $73,300, according to Coinmarketcap data. BTC has updated its price record for the fourth time in the last seven days.

It is unlikely that the value of the first digital coin will fall below $50,000 unless “something dramatic” occurs. This statement was made by the head of Galaxy Digital, Mike Novogratz.

The investor attributed the rise in Bitcoin exchange rate to the constant influx of funds into the BTC-ETF. Until it stops, the rally of the main cryptocurrency will continue.

According to Novogratz, once net inflows turn negative, people will witness the first real adjustment. Novogratz believes that the current crypto market is full of bubbles, with high financing rates, and investors must be prepared to face adjustments during such times. Nonetheless, he personally thinks that the coin price will not drop below $50,000 to $55,000 unless something dramatic occurs, which would then establish a new bottom.

According to him, after the approval of Bitcoin-based ETFs, there was a “mental shift” in the crypto market. Baby boomers finally have a chance to invest in digital gold with the help of registered investment advisors.

Novogratz believes that the first cryptocurrency is capable of reaching $100,000. However, he doubts that all spot BTC-ETFs will ever accumulate more than 20% of the asset’s supply.

“They’re loading up now. It will reach an equilibrium at one point. And there are a lot of people who still want to custody their own coins or have them in a foreign location custody if they don’t trust the country they’re in,” explained the CEO of Galaxy Digital.

Meanwhile, Glassnode believes that Bitcoin is at the stage of euphoria against the backdrop of a new price record. There is a rotation of digital asset holders in the industry — the market is moving from long-term owners of digital currency to speculators and novice investors.

Those who purchased BTC at a low price last year began to take profits. This is contributing to the rise in the number of “young coins” (that is, cryptocurrencies that have moved within the last three months).

Glassnode experts note that short-term Bitcoin investors are currently accumulating BTC, believing that the asset’s value wi

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