Crypto NewsAnalysisGood and Bad News for Bitcoin from Famous Crypto Bull Mike Novogratz!

Good and Bad News for Bitcoin from Famous Crypto Bull Mike Novogratz!

Galaxy Digital CEO Mike Novogratz warned investors about a short-term correction in Bitcoin.

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While Bitcoin, the leading cryptocurrency, has pinned above $ 64,000 with the rally it has experienced in recent days, it has failed to stay here.

At this point, while it remains a matter of curiosity whether the rise in BTC will continue or not, new statements came from Galaxy Digital CEO Mike Novogratz.

Making statements on many topics, Novogratz warned that Bitcoin may see some corrections before reaching the record and ending 2024 at “much higher levels.”

Speaking to Bloomberg TV at this point, the famous CEO said that Bitcoin may correct up to mid-$50,000 in a broader consolidation phase after its impressive rally.

“I wouldn't be surprised to see some corrections and some consolidation after the impressive rally in Bitcoin. At this point, I think there will be a correction in the near term. But not a major correction.”

If there is a correction in BTC, it could retreat towards mid-$50,000 before rising to new highs.

However, despite this correction expectation, I think we will complete 2024 well above current prices and new records will be set.”

“The Group with a Wealth of 85 Trillion Can Access Bitcoin More Easily!”

Stating that the recent rise was caused by ETFs, Novogratz described the current rally as “a price discovery process with the advent of Bitcoin ETFs investment funds, which brought a new army of buyers and sellers.”

The famous CEO recently stated that it is now much easier for an elderly group, known as “boomers”, to access Bitcoin, and said that a part of the older generation, which has assets of $85 trillion, is now open to Bitcoin.

“This group, known as Boomers and with a wealth of approximately $85 trillion, has been waiting for government assurance to buy Bitcoin for a long time to invest in BTC, and this happened with the ETF approval.

If this group invested as little as 1 percent to 3 percent of their total wealth in Bitcoin, this investment could bring a big rise.

While 3% of this wealth is approximately 2.5 trillion, the total market value of Bitcoin is only slightly above 1.2 trillion. “Such an investment could lead to a big rally in BTC.”

*This is not investment advice.

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