Mike Novogratz: Bitcoin May Fall to $42,000 Ahead of Major Surge

Novogratz noted that Bitcoin could drop to a price range of about $45k,even reaching $42k. 

During the interview, which spanned across a wide range of topics, such as the recent Bitcoin price rally, the spot Bitcoin ETF approval, and the influence of the US Federal Reserve’s monetary policy on the digital asset industry, the Galaxy Digital boss responded to a question about the short-term price movements for Bitcoin, where he honestly admitted that there could be a likelihood of a short-term retracement. 

He speculated that either regulatory commotions or market volatility could spur a major sell trend, which could result in the coin trading between $45,000 to $42000. 

At the beginning of the conversation, Novogratz talked about the significant price rally in Bitcoin (BTC) over the past few weeks, while observing that the coin could be in its consolidation phase. 

He also buttressed the feat accomplished with the commencement of the institutional and Retail Investment Advisor (RIA) channels to the crypto asset, especially via exchange-traded funds (ETFs), stressing the transformative influence of ETFs on Bitcoin availability. 

When asked about the pace at which financial advisors could begin recommending Bitcoin, the Galaxy Digital boss noted optimistically, that it would at least double in the coming six months. 

His opinion based on both an increase in client demands and the inevitable adoption of institutional platforms. 

He noted that investors are now transitioning to Bitcoin and reaching out to Galaxy Digital to handle the transactions, underscoring the growing demand spurring institutional platforms towards digital asset adoption. 

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