Galaxy Digital founder Mike Novogratz said yesterday that as long as the net inflow of Bitcoin spot ETF remains positive, the price of Bitcoin will continue to rise, with a predicted target of $100,000. Even in a correction, the price bottom is expected to be around $50,000 to $55,000.
Benefiting from the approval of multiple Bitcoin spot ETFs by the U.S. SEC at the beginning of January, traditional funds have entered the Bitcoin market through compliant channels, coupled with the upcoming halving event that occurs every four years, Bitcoin has repeatedly reached new historical highs.
In this context, Mike Novogratz, founder of Galaxy Digital, one of the world’s largest cryptocurrency asset management companies, said in an interview with CNBC on the 13th that the recent rise in Bitcoin is mainly driven by continuous ETF buying. As long as the net inflow of major ETFs remains positive, the price of Bitcoin will continue to rise. He currently believes that Bitcoin will continue to rise to $100,000. However, Novogratz also emphasized that once the net inflow of ETFs turns negative, Bitcoin will experience its first true price correction. He reminded investors that even if Bitcoin experiences a pullback, the price bottom will be around $50,000 to $55,000.
It is worth noting that when Bitcoin reached $73,000, Ki Young Ju, founder of the cryptocurrency data analysis platform CryptoQuant, posted on social platform X on the 13th, stating that miners are selling their Bitcoin holdings. The reason may be that miners are raising funds for the next halving event to upgrade equipment and improve computing power. However, this also means that the market may face some selling pressure in the near future. Nevertheless, Ki Young Ju also pointed out that as long as ETFs continue to buy, the bull market will continue.
Further reading:
Galaxy Research Department: Bitcoin will eventually break the “wall of worries” of the public.
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