Mike Novogratz Predicts Bitcoin Surge to $100,000

The price of the leading cryptocurrency is unlikely to fall below $50,000 unless something “dramatic” occurs, according to Galaxy Digital CEO Mike Novogratz.

He attributed the rise of digital gold to the continuous inflow of funds into spot bitcoin ETFs. As long as this continues, the rally of the leading cryptocurrency will persist.

“Once the figure turns negative, you will see the first real correction. Funding rates are high, and during such periods, you should always be prepared for a correction. I don’t think we’ll drop below $50,000–55,000,” Novogratz stated.

According to the CEO of Galaxy Digital, after the approval of bitcoin ETFs, there was a “shift in mindset” in the market. Baby boomers got their first chance at digital gold through registered investment advisors, he noted.

Meanwhile, bitcoin holders are reluctant to sell the leading cryptocurrency and often assess their wealth in terms of BTC rather than US dollars in their wallets, Novogratz emphasized.

The expert believes digital gold could reach $100,000. He also expressed doubt that all spot bitcoin ETFs would ever accumulate more than 20% of the asset’s issuance.

“They are loading up now. At some point, the situation will reach a balance. There are many people who still want to store their BTC themselves or keep them with a foreign custodian if they don’t trust the country they are in,” explained the CEO of Galaxy Digital.

In early March, Novogratz stated that the leading cryptocurrency was due for a correction, and only after that would it reach a new all-time high. On March 5, bitcoin fell below $61,000.

At the time of writing, digital gold is trading at $72,750.

Earlier, Robert Kiyosaki, author of the bestseller “Rich Dad, Poor Dad” and entrepreneur, predicted bitcoin would soar to $300,000 this year.

Coinbase analysts pointed out potential challenges in the short-term continuation of digital asset growth, despite the leading cryptocurrency reaching a new all-time high.