Bitcoin Breakout Imminent? Novogratz Predicts $130K Price
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Galaxy Digital CEO Mike Novogratz forecasts a significant Bitcoin price surge to $120,000-$130,000. His prediction is based on several factors. Firstly, he points to Bitcoin's recovery from its March low of $74,000, highlighting the renewed buying momentum and the structural bid that's driving the market. This recovery, he argues, has neutralized the risk-off sentiment triggered by previous tariffs. Secondly, Novogratz emphasizes the increasing ETF demand, with net cumulative flows reaching all-time highs. This surge in demand is fueled by both retail and institutional investors, including companies like MicroStrategy, which continues to acquire Bitcoin at a record pace. New entrants, such as SoftBank-Tether and Metaplanet, are also following suit, further absorbing Bitcoin's supply.
Novogratz believes that the combination of strong buying pressure and compressed resistance levels will propel Bitcoin's price. He identifies $107,000 as a crucial resistance level; breaking through this point could trigger a rapid increase to his predicted range. The current positive market sentiment, with equities rallying significantly and retail investors holding substantial profits, adds to his bullish outlook. While acknowledging the potential for short-term volatility and the impact of unforeseen events, he stresses that the current supply-absorption dynamic is shortening correction phases, allowing Bitcoin to maintain its six-figure price range. The technical and structural factors all point towards the $107,000 pivot as the key to unlocking a significant price increase. Novogratz views Bitcoin as a maturing macro asset, destined to become a staple on every macro trader's desk, eventually surpassing gold's market capitalization.
(Source: https://www.newsbtc.com/bitcoin-news/galaxy-ceo-imminent-bitcoin-breakout-130000/)
