Galaxy Digital Founder and CEO Mike Novogratz made important statements about the future of Bitcoin and the cryptocurrency market during his recent appearance on a broadcast with Anthony Scaramucci.
Assessing current market dynamics and institutional interest, Novogratz signaled that the sector has entered “a new phase.”
Novogratz stated that the upward momentum in Bitcoin is quite strong, drawing attention to certain areas in price movements. He predicted that Bitcoin might encounter some resistance in the $82,000 to $86,000 region, but nevertheless emphasized that the momentum remains upward.
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The renowned CEO argues that surpassing the $100,000 level would be a game-changer, believing the price could rise much faster after that point.
According to Novogratz, US individual investors have made a strong comeback to the market. Novogratz described Michael Saylor as a “magician,” stating that MicroStrategy was being used as a “Bitcoin proxy.” He argued that the company’s continuous accumulation of Bitcoin from the market was putting significant pressure on the supply, and that there wasn’t enough supply to support the weekly $1 billion purchases.
He added that investors now have easier access to crypto through spot ETFs and advisory channels from giant institutions like Morgan Stanley, which keeps demand going.
*This is not investment advice.
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