Bitcoin Price Might Drop To This Level Before Hitting ATH – Predicts Michael Novogratz

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Michael Novogratz, CEO of Galaxy Digital, believes Bitcoin will rebound despite recent fluctuations. He predicts a likely upward trend by the year’s end. Let’s see what his targets for Bitcoin this year are. 

Bitcoin Price to Dip $50K Before New ATH

In a recent interview with Fox Business, Michael Novogratz, a prominent figure in the cryptocurrency world, shared his prediction that Bitcoin would quickly hit $100,000 within the following year. He noted the potential for Bitcoin to fluctuate between $58,000 and $69,000 before experiencing a stronger upward push. Novogratz emphasized the increasing momentum in exchange-traded funds (ETFs) as a key driver for this growth, suggesting a bullish outlook for the digital currency. 

He adds that Bitcoin could dip back to the mid-$50,000s after its big jump of over 40% this year.

But he also sees this as an excellent time to buy BTC. Here’s why?

Bitcoin recently achieved an all-time high, surpassing $69,200 and bringing its market cap to over $1.3 trillion. This surge has been attributed to factors such as increased adoption by institutional investors and a generally positive sentiment in the cryptocurrency market. However, Bitcoin also faced significant volatility, dropping below $60,000 before rebounding to around $66,000.

Crash Looming? 

Despite the optimism surrounding Bitcoin’s potential, Novogratz cautioned about the “frothy” state of cryptocurrency assets in a Bloomberg interview conducted six days ago. Novogratz says many new investors are buying crypto, which could increase prices before halving. But there might be ups and downs, making it a bumpy ride for Bitcoin and other cryptocurrencies. Since post-halving, there is a possibility of massive fluctuations. 

BTC Consolidation Range: $60,000 – $69,000

The Bitcoin price is predicted to experience a prolonged consolidation phase within $60,000 to $69,000, primarily due to the ongoing selling trend among long-term holders. IntoTheBlock’s analysis reveals a significant buy-wall at $59,300, suggesting a potential reversal if these holders maintain their positions. However, the selling pressure from bearish traders near the psychological resistance at $70,000 makes a short-term move to $75,000 unlikely.