Novogratz Forecasts Bitcoin (BTC) to Resume Uptrend Following Massive Crash
In a recent post on the X social media platform, Galaxy Digital CEO Mike Novogratz downplayed a recent market correction as a minor setback. The prominent cryptocurrency figure remains optimistic about the future of Bitcoin, confidently predicting it will soon regain its upward momentum. The recent drop observed in Bitcoin’s value marks the largest single-session decline since the Silicon Valley Bank (SVB) collapse. This sudden decline was primarily attributed to escalating tensions in the Middle East, with Iran retaliating against Israel through a substantial missile and drone attack. The attack, in response to Israel’s bombing of Iran’s consulate in Damascus, involved hundreds of drones and missiles. The situation’s potential for further escalation is uncertain, leading Novogratz to express his hope that rationality prevails and a major regional conflict can be avoided. Despite this setback, Novogratz previously forecasted that Bitcoin’s price would exceed $100,000 by 2024, citing the runaway momentum of Bitcoin exchange-traded funds as a key factor behind his bullish prediction. In addition, the billionaire cryptocurrency enthusiast has tweeted about favorable micro-financial conditions in the market this year, attributing it to his prediction that the U.S. Federal Reserve would reduce interest rates. It is worth noting, however, that concerns about inflation, along with the Middle East tensions, may potentially delay any rate cuts. This week, the top cryptocurrency experienced a significant decline after the core consumer price index (CPI) reported unexpectedly high growth.