Galaxy Digital CEO Michael Novogratz says he doesn’t believe the price of bitcoin will fall back down to the $50K-$55K level. “I think that’s the new floor unless something dramatic happens,” he described. “This has been a wild ride of an asset,” he added, noting that we’re in price discovery mode and if you look at the charts, $100,000 could be a bitcoin price target.
‘I Think That’s the New Floor’
Galaxy Digital CEO Mike Novogratz discussed the possibility of a significant bitcoin price correction, similar to past market cycles, in an interview with CNBC on Wednesday.
Novogratz explained that as long as there’s a net inflow into nine U.S. spot bitcoin exchange-traded funds (ETFs), the price of BTC “is going to keep grinding higher.” He added that once we have a net outflow from the nine spot bitcoin ETFs, “you’ll see the first real correction, and so I think, right now, every trader is watching” spot bitcoin ETF inflows. “Of course, there’s lots of other inflows and outflows in the bitcoin universe but right now that’s got the Zeitgeist of what people are making their trading decisions off of.”
While emphasizing that “Things are frothy, funding rates are high, and so in times like this, you always have to be ready for a correction,” Novogratz opined:
I don’t think we go back below $50,000 – $55,000. I think that’s the new floor unless something dramatic happens.
The nine spot bitcoin ETFs which traders are watching are Blackrock’s Ishares Bitcoin Trust (IBIT), Fidelity Wise Origin Bitcoin Fund (FBTC), Ark 21shares Bitcoin ETF (ARKB), Bitwise Bitcoin ETF (BITB), Invesco Galaxy Bitcoin ETF (BTCO), Wisdomtree Bitcoin ETF (BTCW), Vaneck Bitcoin Trust ETF (HODL), Franklin Bitcoin ETF (EZBC),and Valkyrie Bitcoin ETF (BRRR).
Last week, the Galaxy Digital CEO said that he expects BTC to reach $100K this year, citing “runaway momentum” in spot bitcoin ETFs. “We have for the first time ever, anyone who wanted to buy bitcoin can buy it. We’re kind of in price discovery, and with price discovery, it’s hard to see where things will go.” The executive also noted: “Right now there are more buyers and sellers.”
Novogratz further shared on Wednesday:
This has been a wild ride of an asset. We’re in price discovery mode right now, and if you’re looking at the charts, you could see $100,000 … that could be a target.