Galaxy Digital’s CEO Believes Bitcoin Will Not Drop Below $55,000, Declares It the New Baseline

Bitcoin Fees Decline, but Over 257,000 Transactions Await Confirmation: An Analysis of Recent Blockchain Activity

Galaxy Digital’s CEO Believes Bitcoin Will Not Drop Below $55,000, Declares It the New Baseline

Galaxy Digital‘s CEO, Michael Novogratz, expressed his confidence that bitcoin’s price is unlikely to dip below the $50,000-$55,000 range, considering it the “new floor” barring any unforeseen dramatic events. He remarked on the unique trajectory of bitcoin, labeling it as a “wild ride” and highlighted the ongoing phase of price discovery, suggesting that reaching a $100,000 price target is within the realm of possibility.

Bitcoin Fees Decline, but Over 257,000 Transactions Await Confirmation: An Analysis of Recent Blockchain Activity

During a CNBC interview on Wednesday, Novogratz delved into the dynamics of significant bitcoin price adjustments akin to previous market trends. He pointed out the critical role of the net inflow into nine U.S. spot bitcoin exchange-traded funds (ETFs) in propelling the BTC price upward. According to Novogratz, a pivotal shift to net outflow from these ETFs would signal the first substantial price correction, a scenario closely monitored by traders.

Despite acknowledging the current market’s “frothiness” and high funding rates, Novogratz maintained his stance on the resilience of the $50,000-$55,000 support level unless a dramatic shift occurs. He underscored the significance of the nine spot bitcoin ETFs, including major names like Blackrock’s Ishares Bitcoin Trust (IBIT) and Fidelity Wise Origin Bitcoin Fund (FBTC), in shaping trading decisions within the bitcoin market.

Last week, Novogratz projected a $100,000 milestone for BTC within the year, attributing it to the “runaway momentum” in spot bitcoin ETFs and the unprecedented ease for investors to purchase bitcoin. “We’re kind of in price discovery, and with price discovery, it’s hard to see where things will go,” he stated, emphasizing the current market condition of having more buyers than sellers and considering a $100,000 target as plausible based on the trend analysis.

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Pooja Chauhan

Pooja Chauhan: Your Source for Entertainment and Box Office News Pooja Chauhan is a passionate writer and dedicated journalist specializing in delivering the latest updates and insights from the world of entertainment and box office. With a keen eye for detail and a deep love for cinema, Pooja brings her readers accurate and engaging coverage of all things related to movies, celebrities, and the dynamic world of showbiz. Her commitment to keeping her audience well-informed and entertained makes her a valuable voice in the realm of entertainment journalism. When she's not busy uncovering the latest scoops, Pooja enjoys exploring classic films and indulging in creative writing." Contact us: admin@bollywoodfever.co.in

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