As Bitcoin approaches its previous all-time high, experts predict a correction before the digital asset resumes its upward trajectory. Galaxy Digital founder Mike Novogratz believes a correction could see Bitcoin fall to the mid-$50,000s before surging to a new high. The recent price surge, driven by the approval of spot BTC ETFs in the U.S., has led to a "price discovery" phase, attracting new investors.

However, Novogratz cautions that the market has become overly frothy, with retail investors leveraging their positions unsustainably. Despite short-term fluctuations, he remains bullish on Bitcoin's long-term prospects, citing the potential influx of baby boomer wealth into the cryptocurrency market.

Daniel Yan, co-founder of Matrixport, also urges caution amidst the bullish sentiment, warning of increased volatility due to overly enthusiastic market sentiment and uncertain macroeconomic factors. Yan predicts a retracement of approximately 15% by the end of April.