Galaxy Digital CEO Michael Novogratz Says Bitcoin Could Fall to $50K

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Galaxy Digital CEO Mike Novogratz has cautioned investors about a potential drop in Bitcoin price to $50,000 due to profit-taking by traders. He believes that the rapid increase in the digital currency’s value could lead to a correction and consolidation.

However, Novogratz expects BTC to eventually reach an all-time high after the temporary pullback.

According to Novogratz, BTC has seen a 40% growth in 2024, with its current price above $61,000 as of March 1.

He also mentioned that the recent surge in BTC price was not just driven by institutional investors entering the spot ETF market, but also by retail investors showing interest.

Novogratz believes that millennials, who are currently in their 30s and 40s, are the ones showing the most interest in digital currency.