Renowned Bitcoin advocate Mike Novogratz recently made a unique prediction about the future trend of Bitcoin in 2024. On the X social media platform, Novogratz expressed his disagreement with a bearish forecast made by Chris J. Terry. Terry predicted potential short-term challenges for Bitcoin due to Grayscale’s decision to maintain a 1.5% fee on its ETF. Novogratz, however, provided a more optimistic perspective, stating that he expects Bitcoin to trade at a higher price in 2024.
Novogratz’s bullish outlook stems from his belief that most investors who sell their holdings in the Grayscale Bitcoin Trust (GBTC) will reinvest in other ETFs, with BTCO being his personal favorite. He also highlighted the accessibility of ETFs, especially BTCO, which makes investing easier for a broader demographic, including older generations. Despite the current market unrest, Novogratz views it as temporary and anticipates that Bitcoin’s value will start rising within the next six months.
However, it is worth noting that JPMorgan, a financial giant, predicts further declines in Bitcoin and anticipates selling pressure resulting from Grayscale’s decisions. This sentiment is echoed by various analysts who foresee downward pressure on the Bitcoin price following the recent approval of a significant number of spot Bitcoin ETFs. As with any investment, it is essential to conduct thorough research and consider multiple perspectives before making any decisions.