MikeNovogratz
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Bitcoin (BTC) Price Predicted to Reach $100,000 by Mike Novogratz
Mike Novogratz predicts that the largest cryptocurrency is on track to hit $100,000 this year
Potential catalysts
Tom Lee sees Bitcoin reaching $150,000
Galaxy Digital CEO #MikeNovogratz recently told Bloomberg that Bitcoin, the flagship cryptocurrency, could enter a six-digit territory as soon as this year.
Given that major institutional investors are now jumping on the Bitcoin trend, there are not a lot of sellers, according to Novogratz.
If the Bitcoin price manages to take out the make-it-or-break-it $73,000 level in the near future, the flagship cryptocurrency could end up reaching $100,000. The cryptocurrency mogul does not rule out that the Bitcoin price could surge even higher.
Novogratz noted that the bottom of the current range had started around the $40,000 level. The $70,000 level represents the top of the current range. Bitcoin has been mostly range-bound over the last few weeks after failing to take out the $70,000 level on several occasions.
Potential catalysts
Even though some hostilility in Congress used to be viewed as a major headwind for Bitcoin, Novogratz believes that it could actually turn into a potential tailwind following the most recent developments in Congress.
“D.C. has finally acknowledged in principle that crypto legislation has to happen. That it should be bipartisan…The last few weeks have been unbelievably positive,” Novogratz said.
Notably, #Novogratz thought that the crypto industry getting regulatory clarity was unlikely just a few weeks ago. Now, people realize that it is finally coming.
The fact that some governments keep spending money is also a positive development for the largest cryptocurrency, according to the billionaire.
Tom Lee sees Bitcoin reaching $150,000
According to Fundstrat’s Tom Lee, the #Bitcoin❗ price could surge to as high as $150,000 this year.
The permabull has cited such factors as the halving event, the success of #BitcoinETFs Bitcoin’s growing user base as well as declining inflation as the key factors behind his bullish call.
#BnbAth
Potential catalysts
Tom Lee sees Bitcoin reaching $150,000
Galaxy Digital CEO #MikeNovogratz recently told Bloomberg that Bitcoin, the flagship cryptocurrency, could enter a six-digit territory as soon as this year.
Given that major institutional investors are now jumping on the Bitcoin trend, there are not a lot of sellers, according to Novogratz.
If the Bitcoin price manages to take out the make-it-or-break-it $73,000 level in the near future, the flagship cryptocurrency could end up reaching $100,000. The cryptocurrency mogul does not rule out that the Bitcoin price could surge even higher.
Novogratz noted that the bottom of the current range had started around the $40,000 level. The $70,000 level represents the top of the current range. Bitcoin has been mostly range-bound over the last few weeks after failing to take out the $70,000 level on several occasions.
Potential catalysts
Even though some hostilility in Congress used to be viewed as a major headwind for Bitcoin, Novogratz believes that it could actually turn into a potential tailwind following the most recent developments in Congress.
“D.C. has finally acknowledged in principle that crypto legislation has to happen. That it should be bipartisan…The last few weeks have been unbelievably positive,” Novogratz said.
Notably, #Novogratz thought that the crypto industry getting regulatory clarity was unlikely just a few weeks ago. Now, people realize that it is finally coming.
The fact that some governments keep spending money is also a positive development for the largest cryptocurrency, according to the billionaire.
Tom Lee sees Bitcoin reaching $150,000
According to Fundstrat’s Tom Lee, the #Bitcoin❗ price could surge to as high as $150,000 this year.
The permabull has cited such factors as the halving event, the success of #BitcoinETFs Bitcoin’s growing user base as well as declining inflation as the key factors behind his bullish call.
#BnbAth
💥💥💥 #MikeNovogratz Projects $100,000 #Bitcoinprice , Tips Regulatory Clarity
Galaxy Digital CEO Mike Novogratz predicts a $100,000 price for Bitcoin by year-end, as the #cryptocurrency surpasses $70,000, fueled by bullish sentiment after the approval of spot Bitcoin ETFs. Analysts and executives agree that clear crypto regulations in the United States are crucial for market growth.
Novogratz's $100,000 BTC Projection
- During a recent Bloomberg interview, Novogratz stated that if Bitcoin reaches $73,000 in the next week, it could surge to $100,000 by the year's end. He emphasized the concept of market ranges, suggesting that Bitcoin's current price of $70,000 falls within the potential $100,000 range.
- The approval of spot Bitcoin ETFs this year has significantly impacted Bitcoin's price, with approximately $60 billion flowing into these funds as institutional investors increase their exposure to the cryptocurrency. Bullish momentum grows as institutions continue to accumulate.
- Moreover, recent developments indicate growing adoption and a positive macroeconomic outlook for Bitcoin. Novogratz notes that what was once a hindrance is now becoming a catalyst, with institutional firms increasingly investing in Bitcoin through ETFs, signaling ongoing accumulation.
Regulatory Clarity to Drive Market Growth
- In recent weeks, discussions on crypto regulations have dominated industry discourse as executives advocate for clear rules to encourage investment. Novogratz and other crypto leaders praise the bipartisan support for the FIT21 bill, aimed at providing regulatory clarity. The bill, which passed the House, awaits deliberation in the US Senate.
- However, the Senate's rejection of the SAB 121, vetoed by President Joe Biden, has stirred criticism within the crypto community, particularly among those anticipating the Financial Innovation bill. Despite obstacles, Novogratz remains optimistic, noting that the market is gradually gaining regulatory clarity.
Source - coingape.com
#CryptoNews🔒📰🚫 #BinanceSquareBTC
Galaxy Digital CEO Mike Novogratz predicts a $100,000 price for Bitcoin by year-end, as the #cryptocurrency surpasses $70,000, fueled by bullish sentiment after the approval of spot Bitcoin ETFs. Analysts and executives agree that clear crypto regulations in the United States are crucial for market growth.
Novogratz's $100,000 BTC Projection
- During a recent Bloomberg interview, Novogratz stated that if Bitcoin reaches $73,000 in the next week, it could surge to $100,000 by the year's end. He emphasized the concept of market ranges, suggesting that Bitcoin's current price of $70,000 falls within the potential $100,000 range.
- The approval of spot Bitcoin ETFs this year has significantly impacted Bitcoin's price, with approximately $60 billion flowing into these funds as institutional investors increase their exposure to the cryptocurrency. Bullish momentum grows as institutions continue to accumulate.
- Moreover, recent developments indicate growing adoption and a positive macroeconomic outlook for Bitcoin. Novogratz notes that what was once a hindrance is now becoming a catalyst, with institutional firms increasingly investing in Bitcoin through ETFs, signaling ongoing accumulation.
Regulatory Clarity to Drive Market Growth
- In recent weeks, discussions on crypto regulations have dominated industry discourse as executives advocate for clear rules to encourage investment. Novogratz and other crypto leaders praise the bipartisan support for the FIT21 bill, aimed at providing regulatory clarity. The bill, which passed the House, awaits deliberation in the US Senate.
- However, the Senate's rejection of the SAB 121, vetoed by President Joe Biden, has stirred criticism within the crypto community, particularly among those anticipating the Financial Innovation bill. Despite obstacles, Novogratz remains optimistic, noting that the market is gradually gaining regulatory clarity.
Source - coingape.com
#CryptoNews🔒📰🚫 #BinanceSquareBTC
Galaxy Digital CEO Mike Novogratz Says It’s Time To Invest In Bitcoin Amid Economic Instability
The US economy is facing a potential credit crunch and is heading towards a recession, according to Mike Novogratz, CEO of Galaxy Digital. Novogratz warns that this is the time to invest in bitcoin and gold.
He believes that this is precisely the reason why cryptocurrencies were created, as governments tend to print too much money during tough times, which leads to economic instability.
“If there was ever a time to be in bitcoin and crypto, this is why it was created, in that governments print too much money whenever the pain gets too great, and we’re seeing that,” he told CNBC Wednesday.
Recently, regulators shut down Silicon Valley Bank and Signature Bank, while Silvergate Bank announced that it would wind down its operations and liquidate its business. Moody’s, the ratings agency, also slashed its outlook on the US banking system. Novogratz believes that the commodity market is indicating that the US is heading towards a recession, and this will lead to a credit crunch.
Novogratz also believes that the Federal Reserve will cut interest rates sooner than anticipated, as the banking crisis has changed the public’s “psychology.” He notes that there is contagion and that people are learning from the SVB crisis. He predicts that Americans may start to rely on just four or five depository institutions.
While stocks may decrease in the short-term, Novogratz anticipates that they will bounce back with the Fed’s shifting policy. He believes that central bankers will pause at the March meeting, as it has become apparent that something broke in the economy this week. Novogratz warns that a dovish hike for credibility’s sake would be a significant policy error.
The value of bitcoin surged to a nine-month high on Tuesday, hovering around $24,337 on Wednesday, and has rallied approximately 46% year-to-date. Gold rallied 1.37% on Wednesday to about $1,937.50, and Brent crude oil, the international oil benchmark, fell by 5.6% to trade around $73 a barrel.
Novogratz’s warning that the US is heading towards a credit crunch and potential recession should not be taken lightly. This highlights the importance of diversifying investments, and investing in assets like gold and bitcoin, which have shown resilience during economic downturns. The upcoming months will be critical, and investors should keep a close eye on developments in the US economy.
#bitcoin #btc #gold #MikeNovogratz #investment
This article was republished from azcoinnews.com
He believes that this is precisely the reason why cryptocurrencies were created, as governments tend to print too much money during tough times, which leads to economic instability.
“If there was ever a time to be in bitcoin and crypto, this is why it was created, in that governments print too much money whenever the pain gets too great, and we’re seeing that,” he told CNBC Wednesday.
Recently, regulators shut down Silicon Valley Bank and Signature Bank, while Silvergate Bank announced that it would wind down its operations and liquidate its business. Moody’s, the ratings agency, also slashed its outlook on the US banking system. Novogratz believes that the commodity market is indicating that the US is heading towards a recession, and this will lead to a credit crunch.
Novogratz also believes that the Federal Reserve will cut interest rates sooner than anticipated, as the banking crisis has changed the public’s “psychology.” He notes that there is contagion and that people are learning from the SVB crisis. He predicts that Americans may start to rely on just four or five depository institutions.
While stocks may decrease in the short-term, Novogratz anticipates that they will bounce back with the Fed’s shifting policy. He believes that central bankers will pause at the March meeting, as it has become apparent that something broke in the economy this week. Novogratz warns that a dovish hike for credibility’s sake would be a significant policy error.
The value of bitcoin surged to a nine-month high on Tuesday, hovering around $24,337 on Wednesday, and has rallied approximately 46% year-to-date. Gold rallied 1.37% on Wednesday to about $1,937.50, and Brent crude oil, the international oil benchmark, fell by 5.6% to trade around $73 a barrel.
Novogratz’s warning that the US is heading towards a credit crunch and potential recession should not be taken lightly. This highlights the importance of diversifying investments, and investing in assets like gold and bitcoin, which have shown resilience during economic downturns. The upcoming months will be critical, and investors should keep a close eye on developments in the US economy.
#bitcoin #btc #gold #MikeNovogratz #investment
This article was republished from azcoinnews.com
😱🔥Mike Novogratz's comment on Fed, Bitcoin and Gold: There is no reason, but they will
While the issue of when the Fed will start cutting rates continues to be discussed, Mike Novogratz stated that, contrary to the general opinion, the institution does not need to take such a step. "They will do it anyway, and that will be good for assets like Bitcoin, gold, copper," Novogratz said.
#MikeNovogratz CEO of digital asset management company Galaxy Digital, commented on the expected Fed rate hikes on X. Stating that the institution does not actually need to go to such an increase, Novogartz said:
"You can call me crazy, but I don't agree that the Fed needs to cut rates. They're going to do it anyway. This will also be good for #BTC , gold, silver and copper. But when you look at it, it will not be good for the United States. We need a president who will seriously cut spending. We are hearing the sound of silence in the capital about this issue.”
Discounts are registered for June
As it is known, the monetary tightening policy that has been going on in the US for about 2 years is expected to end this year. March May, however, where there were expectations for interest rate cuts a few months ago, today it is stated that there will be no cuts even in May. Experts are commenting that the Fed will start reducing in June at the earliest.
Interest rate cuts, especially in the stock markets, precious metals and cryptocurrencies, are expected to bring serious rises, but the fact that Bitcoin, along with the S&P 500, Nasdaq and Dow Jones in the US, have set consecutive records clearly shows that the markets are not expecting these reductions.
#BullorBear #binance
While the issue of when the Fed will start cutting rates continues to be discussed, Mike Novogratz stated that, contrary to the general opinion, the institution does not need to take such a step. "They will do it anyway, and that will be good for assets like Bitcoin, gold, copper," Novogratz said.
#MikeNovogratz CEO of digital asset management company Galaxy Digital, commented on the expected Fed rate hikes on X. Stating that the institution does not actually need to go to such an increase, Novogartz said:
"You can call me crazy, but I don't agree that the Fed needs to cut rates. They're going to do it anyway. This will also be good for #BTC , gold, silver and copper. But when you look at it, it will not be good for the United States. We need a president who will seriously cut spending. We are hearing the sound of silence in the capital about this issue.”
Discounts are registered for June
As it is known, the monetary tightening policy that has been going on in the US for about 2 years is expected to end this year. March May, however, where there were expectations for interest rate cuts a few months ago, today it is stated that there will be no cuts even in May. Experts are commenting that the Fed will start reducing in June at the earliest.
Interest rate cuts, especially in the stock markets, precious metals and cryptocurrencies, are expected to bring serious rises, but the fact that Bitcoin, along with the S&P 500, Nasdaq and Dow Jones in the US, have set consecutive records clearly shows that the markets are not expecting these reductions.
#BullorBear #binance
🗞️🚀 Ripple ruling sparks cryptocurrency legislation push! 💼🇺🇸 Mike Novogratz, CEO of Galaxy Digital, sees it as a pivotal move. He believes the Ripple-related ruling urges US regulators to enact crypto legislation. 📜✨ Novogratz also predicts bipartisan cooperation for a cryptocurrency bill in response to this significant step. 🤝💬 Stay tuned for more crypto-regulatory developments! #RippleRuling #CryptocurrencyLegislation #MikeNovogratz #GalaxyDigital #CryptoNews #RegulatoryDevelopment
BlackRock Insiders Anticipate Spot Bitcoin ETF Approval Within "Four to Six Months," Says Mike Novogratz.
$BTC
#WebGTR #BlackRock #ETF #MikeNovogratz #bitcoin
$BTC
#WebGTR #BlackRock #ETF #MikeNovogratz #bitcoin
Bitcoin's Potential Surge to $70,000: Mike Novogratz's Projections. 🚀🪙
Renowned investor Mike Novogratz, founder of Galaxy Digital, has shared his optimistic outlook on Bitcoin's future, projecting a climb to $70,000 contingent upon the U.S. Securities and Exchange Commission (SEC) approving spot Bitcoin exchange-traded funds (ETFs).
In a Bloomberg interview, Novogratz highlighted the potential market impact and psychological shift if the SEC approves spot Bitcoin ETFs.
The Galaxy CEO emphasized the pivotal role an SEC-approved ETF could play in driving Bitcoin to revisit its previous highs within a year.
Novogratz anticipates a new inflow of fresh money influencing Bitcoin's trajectory and a shift in market psychology upon the government's green signal for Bitcoin purchases.
Bloomberg analysts project a potential approval of a spot Bitcoin ETF by January 10, 2024, though uncertainties exist due to SEC Chair Gary Gensler's ambiguous stance.
Novogratz remains optimistic, expecting developments such as an ETF approval in the United States, suggesting that investment firms like BlackRock, Fidelity, ARK Invest, and Galaxy Digital would promote Bitcoin adoption, significantly elevating its price.
Positive Remarks on Binance’s Settlement:
Novogratz praised Binance's $4.3 billion settlement with the DOJ, seeing it as a positive move for reducing risks in the crypto industry. The resolution eased concerns among investors about Binance's operations, highlighting the significance of regulatory compliance for entities in the space.
Bitcoin’s Projected Trajectory:
Novogratz predicts a substantial rise in Bitcoin, especially with an ETF approval and potential Fed rate cuts. He sees the 2024 halving and U.S. elections as key factors, attributing Bitcoin's appeal to being a hedge against global fiscal instability amid uncertainties.
#Bloomberg #bitcoinupdates #MikeNovogratz
#ETF's #SEC
Renowned investor Mike Novogratz, founder of Galaxy Digital, has shared his optimistic outlook on Bitcoin's future, projecting a climb to $70,000 contingent upon the U.S. Securities and Exchange Commission (SEC) approving spot Bitcoin exchange-traded funds (ETFs).
In a Bloomberg interview, Novogratz highlighted the potential market impact and psychological shift if the SEC approves spot Bitcoin ETFs.
The Galaxy CEO emphasized the pivotal role an SEC-approved ETF could play in driving Bitcoin to revisit its previous highs within a year.
Novogratz anticipates a new inflow of fresh money influencing Bitcoin's trajectory and a shift in market psychology upon the government's green signal for Bitcoin purchases.
Bloomberg analysts project a potential approval of a spot Bitcoin ETF by January 10, 2024, though uncertainties exist due to SEC Chair Gary Gensler's ambiguous stance.
Novogratz remains optimistic, expecting developments such as an ETF approval in the United States, suggesting that investment firms like BlackRock, Fidelity, ARK Invest, and Galaxy Digital would promote Bitcoin adoption, significantly elevating its price.
Positive Remarks on Binance’s Settlement:
Novogratz praised Binance's $4.3 billion settlement with the DOJ, seeing it as a positive move for reducing risks in the crypto industry. The resolution eased concerns among investors about Binance's operations, highlighting the significance of regulatory compliance for entities in the space.
Bitcoin’s Projected Trajectory:
Novogratz predicts a substantial rise in Bitcoin, especially with an ETF approval and potential Fed rate cuts. He sees the 2024 halving and U.S. elections as key factors, attributing Bitcoin's appeal to being a hedge against global fiscal instability amid uncertainties.
#Bloomberg #bitcoinupdates #MikeNovogratz
#ETF's #SEC
Galaxy Digital CEO Mike Novogratz Admits Being 'Dead Wrong' About XRP and Ripple.
#WebGTR #GalaxyDigital #MikeNovogratz #BinanceTournament #FET
#WebGTR #GalaxyDigital #MikeNovogratz #BinanceTournament #FET
😱💥Galaxy CEO Novogratz: 85 trillion worth of wealth was opened to Bitcoin
Galaxy Digital CEO Mike Novogratz said in a post he attended that Bitcoin may make "insignificant" corrections, but he thinks the price will be much higher than this level by the end of the year. "The older generation, which has a fortune of $ 85 trillion, will now buy #Bitcoin much more comfortably thanks to ETFs," Novogratz said.
Mike Novogratz, CEO of Galaxy Digital, which has launched a joint Bitcoin spot ETF with Invesco, said that he thinks Bitcoin will easily surpass the record price level in the coming period.
Participating in a broadcast from the US media on Bloomberg TV, Novogratz noted that access to Bitcoin is now much easier, especially for the older generation, known as “boomer”.
"The elderly who are waiting for confidence will be more comfortable”
Stating that this group has been waiting for government guarantees to buy Bitcoin for a long time, the famous investor said that such a situation has happened for the first time in the history of Bitcoin:
For the first time in the history of Bitcoin, we are experiencing a period of price discovery. So for the first time people had very easy access to Bitcoin. some of the older generation, who have $ 85 trillion in assets, will now be more comfortable with Bitcoin. They had been waiting for a safe place for a long time.”
"Some drops may be seen for some time. For example, it may fall to 55 thousand dollars, but I think we will finish this year much higher than this price. Corrections happen all the time. I'm not expecting a big drop, though. We are not in such a period. As I said, if the older generation, which has an 85 trillion dollar fortune, invests only 1 to 3 percent of it in Bitcoin, it can bring a big rise. The value of this ratio is close to $ 2.5 trillion. I think the record will be broken soon too.”
#BTC #MikeNovogratz #TrendingTopic
Galaxy Digital CEO Mike Novogratz said in a post he attended that Bitcoin may make "insignificant" corrections, but he thinks the price will be much higher than this level by the end of the year. "The older generation, which has a fortune of $ 85 trillion, will now buy #Bitcoin much more comfortably thanks to ETFs," Novogratz said.
Mike Novogratz, CEO of Galaxy Digital, which has launched a joint Bitcoin spot ETF with Invesco, said that he thinks Bitcoin will easily surpass the record price level in the coming period.
Participating in a broadcast from the US media on Bloomberg TV, Novogratz noted that access to Bitcoin is now much easier, especially for the older generation, known as “boomer”.
"The elderly who are waiting for confidence will be more comfortable”
Stating that this group has been waiting for government guarantees to buy Bitcoin for a long time, the famous investor said that such a situation has happened for the first time in the history of Bitcoin:
For the first time in the history of Bitcoin, we are experiencing a period of price discovery. So for the first time people had very easy access to Bitcoin. some of the older generation, who have $ 85 trillion in assets, will now be more comfortable with Bitcoin. They had been waiting for a safe place for a long time.”
"Some drops may be seen for some time. For example, it may fall to 55 thousand dollars, but I think we will finish this year much higher than this price. Corrections happen all the time. I'm not expecting a big drop, though. We are not in such a period. As I said, if the older generation, which has an 85 trillion dollar fortune, invests only 1 to 3 percent of it in Bitcoin, it can bring a big rise. The value of this ratio is close to $ 2.5 trillion. I think the record will be broken soon too.”
#BTC #MikeNovogratz #TrendingTopic
💬 Bitcoin ETFs will drive institutional adoption in 2024 - Galaxy Digital’s Mike Novogratz
Galaxy Digital founder and CEO Mike Novogratz says approving a Bitcoin spot ETF is not “a matter of if but when,” which will drive institutional investment in the secto$BTC #etf #BTC #MikeNovogratz
Galaxy Digital founder and CEO Mike Novogratz says approving a Bitcoin spot ETF is not “a matter of if but when,” which will drive institutional investment in the secto$BTC #etf #BTC #MikeNovogratz
Mike Novogratz Anticipates Bitcoin Stability, Yet Futures Indicate Potential $70k+ Rally
- Bitcoin has been fluctuating between $55,000 and $75,000 since mid-March, showing no definitive trend.
- Mike Novogratz anticipates this consolidation to persist for another month, with potential for an upswing in the second quarter.
- There is a noticeable decrease in Bitcoin ETF inflows, hinting at reduced institutional interest.
- Despite this, open interest is high and funding rates remain positive, reflecting a bullish outlook in the futures market.
- A breakout above $67,000 might lead to a rally up to $75,000, but a drop to $57,000 could also occur.
Bitcoin is currently navigating one of its most uncertain phases, marked by a consolidation period that has persisted since mid-March. The cryptocurrency fluctuates between its all-time high of $73,800 and the $55,000 zone, trending lower each week.
Insights from analysts offer a deeper understanding of the flagship cryptocurrency's current state.
Bitcoin's Prolonged Range
Mike Novogratz, CEO of Galaxy Digital, mentioned during the company's first-quarter earnings call that Bitcoin is likely to oscillate between $55,000 and $75,000 for the next month. Novogratz anticipates a potential upward movement as the second quarter of the year (April to June) concludes. He highlighted that the crypto market, including major players like Bitcoin, Ethereum, and Solana, is experiencing consolidation and stabilization, possibly awaiting the next catalyst for a bullish surge.
Cooling Investor Interest in Bitcoin ETFs
Data from Farside reveals a steady decline in investor interest in spot Bitcoin ETFs. Initially, these ETFs witnessed a remarkable $13.9 billion in volume during the first week, but this has now decreased to around $11.8 billion, indicating waning institutional interest.
Futures Market Shows Optimism
Despite Bitcoin's 3% drop on May 14, retesting the $61,000 level, futures market indicators remain positive. Open interest in Bitcoin futures, although down from its mid-March peak, is still about 70% higher than February 2024 levels, according to Coinglass data. The weighted funding rate has stayed in the green for approximately three weeks, currently at 0.018%, recovering from a low of -0.0074 in early May.
Technical Analysis Predicts Potential Upswing
Analyst Cryptotoad notes that the support around $60,000 is holding longer than usual, suggesting the possibility of a bullish comeback. However, for this to materialize, Bitcoin needs to break and close above the $67,000 zone decisively. Should this happen, the cryptocurrency could move upwards, potentially reaching the $75,000 range high. Nevertheless, caution is advised as the threat of a dip to $57,000 remains.
Conclusion
While there are signs of a potential rebound for Bitcoin, the market remains volatile and unpredictable. Investors should stay informed and make financial decisions based on thorough research. Cryptocurrencies are highly volatile financial assets, and the information provided aims to be accurate and up-to-date, but it is crucial to conduct your own analysis.
#MikeNovogratz #bitcoin #BTC🔥🔥🔥🔥🔥 #cryptocurrency #Crypto2024
$BTC
- Mike Novogratz anticipates this consolidation to persist for another month, with potential for an upswing in the second quarter.
- There is a noticeable decrease in Bitcoin ETF inflows, hinting at reduced institutional interest.
- Despite this, open interest is high and funding rates remain positive, reflecting a bullish outlook in the futures market.
- A breakout above $67,000 might lead to a rally up to $75,000, but a drop to $57,000 could also occur.
Bitcoin is currently navigating one of its most uncertain phases, marked by a consolidation period that has persisted since mid-March. The cryptocurrency fluctuates between its all-time high of $73,800 and the $55,000 zone, trending lower each week.
Insights from analysts offer a deeper understanding of the flagship cryptocurrency's current state.
Bitcoin's Prolonged Range
Mike Novogratz, CEO of Galaxy Digital, mentioned during the company's first-quarter earnings call that Bitcoin is likely to oscillate between $55,000 and $75,000 for the next month. Novogratz anticipates a potential upward movement as the second quarter of the year (April to June) concludes. He highlighted that the crypto market, including major players like Bitcoin, Ethereum, and Solana, is experiencing consolidation and stabilization, possibly awaiting the next catalyst for a bullish surge.
Cooling Investor Interest in Bitcoin ETFs
Data from Farside reveals a steady decline in investor interest in spot Bitcoin ETFs. Initially, these ETFs witnessed a remarkable $13.9 billion in volume during the first week, but this has now decreased to around $11.8 billion, indicating waning institutional interest.
Futures Market Shows Optimism
Despite Bitcoin's 3% drop on May 14, retesting the $61,000 level, futures market indicators remain positive. Open interest in Bitcoin futures, although down from its mid-March peak, is still about 70% higher than February 2024 levels, according to Coinglass data. The weighted funding rate has stayed in the green for approximately three weeks, currently at 0.018%, recovering from a low of -0.0074 in early May.
Technical Analysis Predicts Potential Upswing
Analyst Cryptotoad notes that the support around $60,000 is holding longer than usual, suggesting the possibility of a bullish comeback. However, for this to materialize, Bitcoin needs to break and close above the $67,000 zone decisively. Should this happen, the cryptocurrency could move upwards, potentially reaching the $75,000 range high. Nevertheless, caution is advised as the threat of a dip to $57,000 remains.
Conclusion
While there are signs of a potential rebound for Bitcoin, the market remains volatile and unpredictable. Investors should stay informed and make financial decisions based on thorough research. Cryptocurrencies are highly volatile financial assets, and the information provided aims to be accurate and up-to-date, but it is crucial to conduct your own analysis.
#MikeNovogratz #bitcoin #BTC🔥🔥🔥🔥🔥 #cryptocurrency #Crypto2024
$BTC
