Bitcoin Might Drop to $55K Soon, CEO of Galaxy Digital Forecasts

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Bitcoin Might Drop to $55K Soon, CEO of Galaxy Digital Forecasts

Last updated on May 18th, 2024 at 12:52 pm

The CEO of Galaxy Digital has predicted that Bitcoin might lose its recent gains and drop as low as $55k soon. The seasoned investor made this known in a recent interview with Bloomberg.

Mike Novogratz, the founder and Chief Executive Officer of the technology-driven investment firm, Galaxy Digital has made a bold prediction on the price of the largest cryptocurrency in the world, Bitcoin.

In an interview, Novogratz sat down with Bloomberg TV and predicted that Bitcoin would likely dip to the mid $50k range before it shoots further chasing a new all-time high.

In the 19-minute-long interview, he pointed out that this is the first time in the history of Bitcoin that anyone who wants to buy has easy access, referring to the approval of a spot ETF by the United States SEC.


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Bitcoin might see a price correction to the mid-$50k

When asked about the new low for Bitcoin, Novogratz explained that BTC had already broken out from $45k and that he doesn’t expect the price of the coin to fall back to that level even though people begin to shit mindset.

He added that he thinks Bitcoin will correct to the “mid-50s” before taking off to the new high. As we previously reported, the recent Bitcoin surge is fueled by the spot ETF approval and the upcoming Bitcoin halving in April.

A fresh wave of investors has entered the cryptocurrency space as a result of the launch of Bitcoin ETFs, which Novogratz characterized as a “price discovery” period that is driving the present market momentum.

The spike in the price of Bitcoin has been largely attributed to this inflow of buyers. As a result, Bitcoin has increased by over 40% this year. At the time of the interview, Bitcoin was trading at $61,594.

When asked about what he thinks about new people getting into Bitcoin and buying at highs, he pointed out that people are always going to buy at the wrong level because “it feels easy and they are not going to get washed out and they are going to sell at the wrong price” and end up regretting the actions. He added that it is just part of speculation and investing.

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Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.