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GALAUSD Gala

0.048242
-0.001758 (-3.52%)
12:33:58 - Realtime Data
Name Symbol Market Market Cap ($) Algorithm
Gala GALAUSD Crypto 1,635,984,059 Not Mineable
  Price Change Price Change % Current Price Bid Price Offer
  -0.001758 -3.52% 0.048242 0.048218 0.048242
High Price Low Price Open Price Prev. Close 52 Week Range
4.59 0.048042 4.59 0.050 0.008500 - 5.29
Exchange Last Trade Size Trade Price Currency
CRTO 12:33:56 1.00 0.048242 USD
Price x Volume Volume Base Symbol Related Pairs
211,203.60 4,285,009.87 GALA GALAEUR GALAGBP GALABTC

Galaxy CEO Cautions Bitcoin May Fall To $42,000 Ahead Of Major Rally

22/02/2024 1:00pm

NEWSBTC


In an exclusive interview with CNBC’s ‘Squawk Box’, Mike Novogratz, CEO of Galaxy Digital, provided an in-depth analysis of the current state and future trajectory of Bitcoin amidst a rapidly evolving financial landscape. The conversation spanned a variety of topics, including the recent surge in Bitcoin prices following the approval of spot Bitcoin ETFs and the impact of the Federal Reserve’s monetary policy on cryptocurrency markets. Bitcoin Amid Market Consolidation And Institutional Adoption Opening the discussion, Novogratz touched on the remarkable rally Bitcoin has experienced, while also suggesting a potential consolidation phase. “We’ve come a long way fast, both in US stocks and in crypto… It wouldn’t surprise me if there’s some consolidation,” he stated. Despite this, he emphasized the significant milestone achieved with the opening of the institutional and Retail Investment Advisor (RIA) channels to Bitcoin, particularly through ETFs. “We’ve got baby boomers who own most of the wealth in America, and they’re getting their first easy access to Bitcoin… And I don’t think that’s going to stop,” Novogratz elaborated, underlining the transformative impact of ETFs on Bitcoin accessibility. Related Reading: Bitcoin Fisher Transform Reaches Critical Level Not Seen Since 2021, What This Means When probed about the pace at which financial advisors could start recommending Bitcoin, Novogratz offered an optimistic forecast: “I would tell you at least double in six months.” He attributed this to both demand from clients and the inevitable adaptation of large platforms. “Their customers are calling and bitching at them and saying, we want to buy Bitcoin with you,” he quoted, highlighting the grassroots demand driving institutional platforms towards crypto adoption. Addressing potential short-term price movements, Novogratz candidly acknowledged the possibility of a downturn. “It could be some regulatory kerfuffle, it could just be the market got a little long and you get people scared,” he speculated, pinpointing a price range of “$45,000… $42,000” as the potential downside. This acknowledgment of volatility underscores his realistic view of the crypto market’s susceptibility to external pressures and internal dynamics. BTC Price Targets Looking ahead, Novogratz responded to Tom Lee’s prediction of Bitcoin reaching $150,000 by year’s end with cautious optimism. While hesitant to commit to a specific number, he concurred that Bitcoin is likely to retest its all-time highs, emphasizing the market’s momentum when it attracts new buyers. Related Reading: Bitcoin FOMO Hasn’t Spiked Yet: Green Signal For Rally To Continue? “You know, when markets get new buyers and start breaking out, it’s hard to have a price prediction,” he remarked, suggesting that surpassing the $69,000 mark could open the door to unprecedented price levels like $125,000 to $150,000, contingent on broader economic conditions such as the Federal Reserve’s interest rate policies. Delving into Bitcoin’s correlation with the macroeconomic environment, Novogratz presented a nuanced perspective. He acknowledged Bitcoin’s dual identity as both a macro asset and a nascent technology in an adoption cycle. On the topic of Bitcoin’s correlation with broader economic indicators, Novogratz highlighted the dual narrative that has come to define Bitcoin’s market behavior. “It’s a macro asset…And the second, we’re early on in the life cycle, so there’s an adoption cycle,” he pointed out. Thus, he emphasized the unique position of Bitcoin at the intersection of a burgeoning asset class and a macroeconomic hedge. He added, “Right now, this is all adoption. This is new buyers coming in and being told the big-picture story that you need to have this in your portfolio.” Featured image created with DALL·E, chart from tradingView.com

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