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 pullback, the price bottom is expected to be around $50,000 to $55,000.
Benefiting from the approval of multiple Bitcoin spot ETFs by the US SEC in early January, traditional funds have entered the door of Bitcoin investment through compliant channels. Coupled with the upcoming halving that occurs once every four years, Bitcoin has repeatedly reached new all-time highs.
Against this backdrop, Mike Novogratz, founder of Galaxy Digital, one of the world’s largest cryptocurrency asset management companies, stated in an interview with CNBC on the 13th that the recent surge in Bitcoin is mainly driven by continuous buying from ETFs. As long as the net inflow of major ETFs remains positive, the price of Bitcoin will continue to rise. Currently, Novogratz 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 in a pullback, the price bottom of Bitcoin will be around $50,000 to $55,000.
However, it is worth noting that when Bitcoin reached $73,000, Ki Young Ju, founder of cryptocurrency data analysis platform CryptoQuant, posted on social platform X on the 13th, indicating that miners are selling their Bitcoin holdings. This may be due to miners raising funds for the upcoming halving event to upgrade equipment and improve computing power. However, this also suggests 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.
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