Galaxy Digital CEO predicts Bitcoin will resume its upward trend

According to U.Today, Galaxy Digital CEO Mike Novogratz viewed the recent market correction as a "risk fish" in a recent post on the X social media network (formerly Twitter). The cryptocurrency tycoon is convinced that Bitcoin, the largest cryptocurrency, will be able to resume its upward trend. Bloomberg noted that this was Bitcoin’s largest drop in a single session since the collapse of Silicon Valley Bank (SVB). The decline was driven by tensions in the Middle East, with Iran recently launching major missile and drone attacks on Israel. Novogratz said he prayed cooler heads would prevail and this was not the start of a major regional conflict. Furthermore, Novogratz predicts that the price of Bitcoin will be able to exceed $100,000 by 2024. He cited the “runaway momentum” of Bitcoin exchange funds as a key reason for his highly optimistic forecast. However, ongoing inflation concerns coupled with tensions in the Middle East could delay any reduction in interest rates.