Galaxy CEO Novogratz Predicts Bitcoin Could Reach $130,000 Soon
Mike Novogratz, founder of Galaxy Digital, believes that Bitcoin is nearing a significant price increase following consistent closes above $100,000. He traced the market's recovery from a low of $74,000 in late March and emphasized the importance of regained momentum in driving future price trends.
The Key For A New Bitcoin All-Time High
Key points include:
- Bitcoin's recovery has surpassed major risk assets, with ETF demand reaching all-time highs.
- Institutional players like MicroStrategy continue aggressive buying, influencing supply dynamics.
- Novogratz predicts that breaching the $107,000 level could lead to prices between $120,000 and $130,000.
- Correlation with equities remains strong; Bitcoin sometimes trades like gold or outperforms high-beta stocks.
- Short-term fluctuations could impact volatility but the current absorption of supply is stabilizing prices.
- Market is poised for rapid movement if key resistance levels are broken.
As of now, Bitcoin is trading at $104,054.
