Bitcoin’s historic surge to over $98,900 has prompted Galaxy CEO Mike Novogratz to predict an imminent price correction. Speaking on Thursday, November 21, Novogratz noted the cryptocurrency market’s high leverage, which could lead to short-term volatility despite Bitcoin’s record highs.
Mike Novogratz: Bitcoin Rally Faces Correction
In a post on X (formerly Twitter), Novogratz expressed both optimism and caution regarding Bitcoin’s current trajectory.
Key Factors Driving Bitcoin’s Rise:
- Pro-Crypto Leadership: Novogratz credited favorable government policies and leadership for boosting market confidence.
- Global Demand: Interest from regions like the Middle East has significantly driven Bitcoin’s price surge.
- Limited Supply: With capped production, Bitcoin remains a scarce asset, pushing prices higher during increased demand.
Despite these bullish factors, Novogratz warned of risks in the highly leveraged crypto market.
“We’re in price discovery now,” he wrote. “That said, there’s massive leverage in the system…though I don’t see $BTC dropping below $80K.”
Appearing on CNBC’s Squawk Box, Novogratz reiterated his confidence in Bitcoin hitting $100,000 by week’s end, calling this milestone “just the start.”
Michael Saylor: A Bullish Counterpoint
Contrasting Novogratz’s cautious tone, MicroStrategy founder Michael Saylor remains unapologetically bullish. During the same CNBC segment, Saylor confidently predicted Bitcoin would surpass $100,000 before the end of 2024.
“I’m already planning the $100,000 party,” Saylor quipped. “It’s probably going to happen on New Year’s Eve at my house.”
Saylor’s Optimism Rooted in Market Shifts:
- Trump Administration’s Crypto Shift: Saylor highlighted the election of Donald Trump as a positive catalyst for the cryptocurrency sector.
- Trump’s Evolving Stance on Bitcoin: While Trump criticized Bitcoin as “not money” in a 2019 X post, his recent actions suggest a change of heart.
- Trump launched World Liberty Financial, a crypto platform spearheaded by his family.
- At the Bitcoin 2024 Conference, Trump declared, “The rules will now be written by people who love your industry, not hate it.”
Saylor’s confidence reflects a broader sentiment that Bitcoin’s institutional adoption and regulatory clarity will drive sustained growth.
Bitcoin’s Next Move: Correction or Continuation?
As Bitcoin trades near $100,000, market experts remain divided on its immediate future.
- Novogratz sees a temporary correction but emphasizes that Bitcoin’s fundamentals remain strong.
- Saylor predicts continued growth, fueled by institutional interest and a favorable regulatory environment under the Trump administration.
Regardless of short-term volatility, Bitcoin’s rise underscores its growing prominence in the global financial system.
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