Disclaimer: Information found on CryptoreNews is those of writers quoted. It does not represent the opinions of CryptoreNews on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoreNews covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.
Bitcoin’s rise to over $98,900 has led Galaxy CEO Mike Novogratz to foresee a probable correction.
During a discussion on Thursday, November 21, Novogratz noted that the cryptocurrency market is “levered to the gills,” indicating possible volatility despite the token’s all-time highs.
Galaxy CEO Mike Novogratz Anticipates Bitcoin Decline
In a November 21 post on X, Novogratz pointed out both the opportunities and risks associated with Bitcoin, stressing that pro-crypto leadership and global interest from areas such as the Middle East are propelling prices upward.
Bitcoin approaching $100K is merely the beginning. With pro-crypto leadership, global demand from the Middle East, and constrained supply, the conditions are ripe for significantly higher prices. We are currently in price discovery. However, there is substantial leverage in the system. The crypto community is levered… https://t.co/hoVcM0lsfD
— Mike Novogratz (@novogratz) November 21, 2024
“With pro-crypto leadership, global demand from the Middle East, and limited supply, the conditions are favorable for much higher prices,” Novogratz stated.
He further remarked, “We are in price discovery now. Nevertheless, there is considerable leverage in the system…though I do not foresee $BTC falling below $80k.”
As of Thursday, Bitcoin had once again broken its previous records, trading at over $98,900.
On the same morning, while appearing on CNBC’s Squawk Box, Novogratz expressed his belief that the token would surpass $100,000 by the week’s end.
.@novogratz predicts bitcoin will reach 100,000 today or tomorrow. “Typically, when you hit 100, you bounce off of it. I would not be surprised if we go much higher.” https://t.co/NnMhOoHUDx
— Squawk Box (@SquawkCNBC) November 21, 2024
Related Posts
“Bitcoin nearing $100K is just the beginning,” he stated.
Michael Saylor Maintains Optimism as Bitcoin Climbs
Novogratz’s cautious perspective stands in contrast to the optimistic view of MicroStrategy founder Michael Saylor.
During the same CNBC segment, Saylor expressed his enthusiasm, asserting that Bitcoin’s price could surpass $100,000 by the end of 2024.
“I’m organizing the $100,000 celebration,” Saylor informed CNBC. “I’m considering it will likely be on New Year’s Eve at my residence, so I would be surprised if we didn’t exceed $100,000 in November or December.”
Bitcoin is Manifest Destiny for the United States. My discussion of The Red Wave, MicroStrategy’s $42 Billion Plan, the compelling logic of the Strategic #Bitcoin Reserve, and preparing for the 100K celebration, with @MorganLBrennan. pic.twitter.com/fvkwRnCzlU
— Michael Saylor
(@saylor) November 14, 2024
In contrast to Novogratz, Saylor indicated that Bitcoin’s price would continue to increase, describing the election of Donald Trump as president as “incredibly auspicious” for the cryptocurrency sector.
Trump, who had previously labeled Bitcoin as “not money” in a 2019 X post, has recently shown support for the digital asset industry.
Earlier this year, he introduced his family’s crypto platform, World Liberty Financial, marking a significant change in his position.
At the Bitcoin 2024 Conference, Trump addressed attendees, stating, “We will have regulations, but from now on, the rules will be established by those who support your industry, not oppose it.”
The post Bitcoin Set For Price Correction Post Surge, Galaxy CEO Mike Novogratz Says appeared first on Cryptonews.
