In a post he shared on the X social media platform, Mike Novogratz, one of the leading names in crypto money, offered an optimistic perspective on the course of Bitcoin (BTC) in 2024, opposing the decline prediction of another commentator.
Mike Novogratz Disagrees with Bearish Forecasts, Expects Bitcoin to Trade at a Higher Price in 2024
Responding to the pessimistic forecast from Chris J. Terry, who predicted potential short-term challenges for Bitcoin following Grayscale's decision to maintain a 1.5% fee on its exchange-traded fund (ETF), Novogratz expressed his bullish outlook.
Contrary to Terry's concerns, Novogratz expects an increase in Bitcoin's value later this year.
Novogratz's Arguments:
Investor Behavior: Novogratz acknowledged the possibility of investors selling their holdings in the Grayscale Bitcoin Trust (GBTC). However, he believes these investors will reinvest in other ETFs, especially BTCO.
ETF Accessibility: The crypto mogul emphasized that the accessibility of ETFs, especially BTCO, makes investing easier for a broader demographic group, including older generations.
Temporary Market Disturbance: Despite the current unrest in the market, Novogratz believes that this is temporary and Bitcoin's value will begin to rise within the next six months.
Contrary to Novogratz's optimism, financial giant JPMorgan says declines may increase further, anticipating selling pressure resulting from Grayscale's decisions.
This sentiment is also expressed by various analysts who predict downward pressure on the Bitcoin price following the recent approval of a large number of spot Bitcoin ETFs.
*This is not investment advice.