Galaxy Digital founder: Bitcoin’s latest bottom is $50,000! Predicted to hit 100,000

Since the U.S. SEC approved multiple Bitcoin spot ETFs in early January, this has opened up new ways for traditional funds to invest in Bitcoin through compliance channels. Coupled with the upcoming four-year halving event in the near future, Bitcoin has set new historical highs many times.

Galaxy Digital founder: Bitcoin’s latest bottom is $50,000

In this context, Mike Novogratz, founder of Galaxy Digital, one of the world’s largest crypto asset management companies, accepted the news yesterday (13th) "CNBC" said in an interview that Bitcoin's recent rise is mainly driven by the continued buying of ETFs, and as long as the net inflows of major ETFs are positive, the price of Bitcoin will continue to rise. Currently, he believes that Bitcoin will Continue to $100,000: Bitcoin holders don’t like selling, and they often think of their net worth in terms of the number of Bitcoins they own, rather than how many dollars they own. Bitcoin is currently in the price discovery stage, and the price of the currency may reach $100,000.

However, Novogratz also emphasized that once the net inflow of ETFs turns negative, Bitcoin will also usher in its first real price correction. He reminded investors: the market is full of bubbles and financing rates are high. So in a period like this, you have to be prepared for a market correction. The ETF will not hold all Bitcoins, its maximum proportion should be 20% of the total number of Bitcoins, they are buying now, but one day it will reach a balance.

However, Novogratz also added that even if Bitcoin pulls back, its price bottom will be around $50,000~55,000: I don’t think we will go back below $50,000~55,000 unless something dramatic happens, otherwise this is Bitcoin’s latest bottom range.

Crypto Quant founder: Miners started selling Bitcoin

However, when the price of Bitcoin reached $73,000, Ki Young Ju, the founder of the cryptocurrency data analysis platform Crypto Quant, posted on the social platform X The article pointed out that miners began to sell their Bitcoin holdings in large quantities. This phenomenon has triggered market attention and discussion, and many investors have begun to pay close attention to the potential impact of miners' behavior on Bitcoin prices.

Miners’ Bitcoin holding data

Speculate the reason, maybe the miners are raising funds for the new round of Bitcoin halving events to update equipment , increasing computing power, etc., but this also means that the market may face certain selling pressure in the near future.

However, Ki Young Ju also pointed out that although there is selling pressure in the market, as long as ETFs continue to buy, the bull market will continue: Unless ETF inflows slow down, the bull market will continue.

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