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The CEO of Galaxy Digital, Mike Novogratz, stated that for Bitcoin to transition to an upward trend, it must establish a position above $74,000 and subsequently surpass the $80,000 mark.
In discussing Bitcoin’s decline from $100,000 in January to around $60,000, Novogratz referred to this as a “liquidity leak” — a phase during which weaker participants exit the market.
“The essential conditions for resuming growth are securing a price above $74,000 and then breaking through $80,000. Surpassing these levels could trigger a new wave of optimism and restore the upward trend,” said the head of Galaxy Digital.
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He believes that the resilience of the leading cryptocurrency is linked to a shift in demand dynamics: large investors, including BlackRock, Morgan Stanley, and Vanguard, are playing an increasingly significant role. This creates a foundational support and reduces the likelihood of a sharp decline.
In this context, Novogratz noted that the market has entered a consolidation phase — one that is less volatile but necessary for generating further momentum.
He also addressed the risks associated with the advancement of quantum technologies. According to the investor, such concerns are premature: Bitcoin network developers are monitoring the situation and can adapt the protocol if necessary, thus he assesses that security threats at this stage are overstated.
Previously, Novogratz suggested that by the end of the year, Bitcoin’s price could range between $60,000 and $80,000.
