Bitcoin’s Path Amidst Market Corrections

Novogratz maintains a bullish outlook on Bitcoin, citing factors such as ETF momentum and potential Fed rate cuts.

A recent market correction was derided as “risk fish” by Galaxy Digital CEO Mike Novogratz in a recent post on the X social media network (formerly Twitter).

The cryptocurrency magnate is confident that the most prominent cryptocurrency, Bitcoin (BTC) , can recommence its ascent.

Bloomberg has documented that this was the most significant single-session decline in BTC since the Silicon Valley Bank (SVB) collapse.

Bitcoin’s Price Fluctuations

The decline can be attributed to heightened tensions in the Middle East, specifically Iran’s recent strategic missile and drone assault on Israel.

Hundreds of drones and missiles were deployed in what was ostensibly retaliation for the Israeli bombing of the Iranian consulate in Damascus, Syria, earlier this month.

It is uncertain whether Iran’s response will result in an escalation of tensions in the region.
“I fervently hope that rational judgment prevails and that this does not initiate a significant regional dispute.”

Novogratz stated, “There are so many positive developments occurring in the Middle East; it is unfortunate that we are here.”

Previously, Novogratz projected that the value of BTC could potentially exceed $100,000 by 2024. The “runaway momentum” of Bitcoin exchange-traded funds, according to him, was the primary factor that motivated his exceedingly sanguine forecast.

Furthermore, the cryptocurrency magnate recently predicted via Twitter that interest rate cuts by the U.S. Federal Reserve would create favourable micro financial conditions for the cryptocurrency market this year.

Nonetheless, ongoing inflationary fears and Middle Eastern tensions may prevent the implementation of rate decreases. The leading cryptocurrency’s price dropped significantly earlier this week after the core consumer price index (CPI) indicated growth that exceeded initial expectations.