Galaxy Digital CEO Mike Novogratz remains steadfast in his belief that Bitcoin will resume its uptrend. The cryptocurrency mogul dismissed the drop as a “risk fish,” despite it being the largest single-session decline for Bitcoin since the collapse of Silicon Valley Bank.
The recent dip in Bitcoin’s price was largely attributed to tensions in the Middle East, as Iran launched a significant missile and drone attack on Israel in retaliation for Israeli airstrikes in Syria. Novogratz expressed hope that “cool heads will prevail” and that this incident will not escalate into a larger regional conflict.
Despite the market volatility, Novogratz maintains his optimistic outlook for Bitcoin, predicting that the cryptocurrency could surpass $100,000 in 2024. He cites the “runaway momentum” in Bitcoin exchange-traded funds as a key driver for his bullish forecast.
Furthermore, Novogratz has recently tweeted that favorable micro-financial conditions, including the potential for the U.S. Federal Reserve to cut interest rates, could be a boon for the cryptocurrency market this year. However, persistent inflation concerns and the ongoing tensions in the Middle East may delay such rate cuts.
