Bitcoin Set For Price Correction Post Surge, Galaxy CEO Mike Novogratz Says

Bitcoin Mike Novogratz

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Julia Smith

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Julia Smith

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Julia is an experienced editor with a passion for covering a wide variety of beats. She loves all things politics and regularly covers regulatory updates on emerging technology here for Crypto News.

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November 21, 2024

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Bitcoin’s surge to over $98,900 has prompted Galaxy CEO Mike Novogratz to predict a likely correction.

Speaking on Thursday, November 21, Novogratz explained that the cryptocurrency market is “levered to the gills,” signaling potential volatility despite the token’s record highs.

Galaxy CEO Mike Novogratz Expects Bitcoin Dip

In a November 21 X post, Novogratz highlighted both opportunities and risks for Bitcoin, emphasizing that pro-crypto leadership and global demand from regions like the Middle East are driving prices higher.

“With pro-crypto leadership, global demand from the Middle East, and limited supply, the stage is set for much higher prices,” Novogratz wrote.

He added, “We’re in price discovery now. That said, there’s massive leverage in the system…though I don’t see $BTC dropping below $80k.”

As of Thursday, Bitcoin had once again shattered its previous records, trading at over $98,900.

Appearing on CNBC’s Squawk Box the same morning, Novogratz expressed confidence that the token would top $100,000 by the end of the week.

“Bitcoin nearing $100K is just the start,” he said.

Michael Saylor Remains Bullish as Bitcoin Surges

Novogratz’s cautious outlook contrasts with the bullish stance of MicroStrategy founder Michael Saylor.

During the same CNBC segment, Saylor shared his optimism, stating that Bitcoin’s price could exceed $100,000 by the end of 2024.

“I’m planning the $100,000 party,” Saylor told CNBC. “I’m thinking it’s probably going to be New Year’s Eve at my house, so I would be surprised if we didn’t go through $100,000 in November or December.”

Unlike Novogratz, Saylor suggested that Bitcoin’s price would only rise further, calling the election of Donald Trump as president “incredibly auspicious” for the cryptocurrency market.

Trump, who previously criticized Bitcoin as “not money” in a 2019 X post, has recently embraced the digital asset sector.

Earlier this year, he launched his family’s crypto platform, World Liberty Financial, signaling a notable shift in his stance.

At the Bitcoin 2024 Conference, Trump told attendees, “We will have regulations, but from now on, the rules will be written by the people who love your industry, not hate your industry.”