With its recent surge above the $64,000 mark, Bitcoin has again proven its attractiveness to a broad spectrum of investors. Amid this bullish momentum, Michael Novogratz, the CEO of Galaxy Digital Holdings, has shared his insights, suggesting a possible short-term correction that could see Bitcoin’s value adjust to the mid-$50,000 range.
This forecast comes when Bitcoin has experienced a significant rally, surging from below $45,000 as of early January and recently touching highs above $64,000.
Bitcoin Poised For Drop To $55,000
Novogratz’s prediction was shared during a Bloomberg TV interview, where he detailed his perspective on the current state of the cryptocurrency market.
The Galaxy Digital Holdings CEO described the market’s recent behavior as a phase of “price discovery,” driven in part by the inception of Bitcoin spot ETFs, which have ushered in a new wave of investment into the sector.
Despite the positive trend, Novogratz highlighted concerns over th
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