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Galaxy CEO: Bitcoin Breaking $100,000 Inevitable, But Pullback Likely

Galaxy CEO: Bitcoin Breaking $100,000 Inevitable, But Pullback Likely

Bitget2024/11/21 17:34
BTC+0.28%

Bitcoin is on track to break the much-anticipated $100,000 mark amid a strong post-election rally in the U.S., but that doesn't mean it will continue to rise, although a six-figure price is ‘inevitable’ and could continue to rise but eventually pull back, according to Galaxy Digital founder and CEO Michael Novogratz. ‘and may continue to rise, but it will eventually pull back. There is currently a lot of leverage in the cryptocurrency market, and the crypto community is already highly leveraged, so a market correction is coming. Additionally, Michael Novogratz warned that stocks like MicroStrategy, which trade in a similar way to Bitcoin's leveraged trading, could face an even bigger correction.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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