Mike Novogratzthe billionaire founder of Digital Galaxy BRPHFis bullish Bitcoin‘S Bitcoin/USD future, predicting a floor of at least $50,000 and room for further growth towards $100,000.
Novogratz, in an interview on Wednesday with CNBC, attributed Bitcoin’s strong performance primarily to steady inflows into new spot Bitcoin ETFs in the United States.
He highlighted that as long as these inflows remain positive, Bitcoin’s price trajectory is expected to rise.
Novogratz warned of a potential correction if net inflows turn negative, highlighting the current market buoyancy and high funding rates.
However, he remained optimistic about Bitcoin’s price floor, estimating it to be between $50,000 and $55,000, unless any unexpected dramatic events occur.
The market has experienced a paradigm shift following the approval of spot Bitcoin ETFs, Novogratz noted, noting that this development has opened up avenues for Baby Boomers to invest in Bitcoin through registered investment advisors.
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He also noted the reluctance of Bitcoin investors to sell, many of whom measure their wealth in Bitcoin rather than dollars.
With Bitcoin venturing into uncharted price territory, Novogratz speculated that it could soon cross the $100,000 mark.
Despite the rapid accumulation of Bitcoin by spot ETFs, he believes these funds will hold no more than 20% of all Bitcoin, citing a future balance and the preference of some investors to hold their coins themselves or use foreign custodian services due to mistrust towards them. stability of the country of origin.
On the Ethereum ETH/USD On the front end, Novogratz highlighted the recent rally that has seen Ether’s price reach around $4,000, driven largely by anticipation of approval from the US Securities and Exchange Commission (SEC) Spot ETF on Ethereum. Given the existence of futures-based Ethereum ETFs, Novogratz is confident that spot Ethereum ETFs will receive approval, underlining the need for such a development in the market.
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