Billionaire Mike Novogratz issues a Bitcoin warning, saying that if this happens, BTC will undergo its “first real correction.”
The founder and CEO of Galaxy Digital predicts when Bitcoin (BTC) could see a significant correction following a rally that has seen the flagship crypto asset gain over 65% in value since the start of the year.
In a new CNBC interview, Mike Novogratz says Bitcoin's current bullish trend could reverse if outflows from spot market Bitcoin exchange-traded funds (ETFs) begin to outpace inflows.
“As long as [spot Bitcoin ETFs inflows are] Positively, the price will continue to rise.
As soon as this becomes negative, you will see the first real correction. And I think right now every trader is watching… you know, add the nine ETFs together and see what the net result is.
And as long as there are inflows… there are of course plenty of other inflows and outflows in the Bitcoin universe, but right now this captures the zeitgeist of what people are basing their trading decisions on.”
Spot market BTC ETFs were approved by the US Securities and Exchange Commission (SEC) in January and offer traders access to Bitcoin without having to actually purchase the asset itself.
According to Novogratz, the top crypto asset by market cap is unlikely to fall below $50,000 again.
“The situation is unclear, the funding rates are high. And that's why you always have to be prepared for a correction in times like these. I don't think we'll go back below $50,000 to $55,000. I think this is the new ground unless something dramatic happens.”
Bitcoin is trading at $70,030 at the time of writing, down 1.7% in the last 24 hours.
Don't miss a thing – Subscribe to receive email alerts straight to your inbox
Check price action
Follow us on Twitter, Facebook and Telegram
Surf the Daily Hodl Mix
 
Disclaimer: Opinions expressed on The Daily Hodl do not constitute investment advice. Investors should conduct their due diligence before making any risky investments in Bitcoin, cryptocurrencies or digital assets. Please note that your transfers and transactions are at your own risk and any losses you incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated image: DALLE3
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
Comments are closed.