price of bitcoin It is unlikely to drop below $50,000 unless a major event such as a negative Bitcoin ETF occurs, according to Mike Novogratz, founder and CEO of Galaxy Digital.
Bitcoin’s surge was mainly due to continued inflows into recently approved bitcoin ETFs in the United States. And as long as net inflows remain positive, bitcoin prices will continue to rise, Novogratz told CNBC in an interview on Wednesday.
“But when that becomes negative. You will see the first real correction,” Novogratz said. “And at times like this You must always be prepared for corrections. But I don’t think we’ll ever go back lower. $50,000-55,000 unless there is some drama.”
Novogratz said there was a sudden “mindset shift” in the market. Following the approval of the Spot bitcoin ETF, Baby Boomers are now getting the opportunity to invest in bitcoin for the first time through registered investment advisors. Meanwhile, Bitcoin holders don’t like to sell, Novogratz said, adding that they tend to think of their net worth in terms of how many Bitcoins they have, not how many dollars they have.
Novogratz noted that Bitcoin is currently in price discovery mode and may reach as high as $100,000.
When asked if these ETFs would eventually hold all Bitcoin, Novogratz said he doesn’t think the Spot Bitcoin ETF will collect more than 20% of all BTC.
“They are in the process of loading goods. And it will reach a balance at some point,” he said. “And there are still a lot of people who want to take care of their own coins. or keep it abroad If they don’t trust the country they live in.”
refer : theblock.co
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