Plunge

Galaxy

Bitcoin

Reserve

Galaxy Digital CEO Mike Novogratz remains steadfast in his belief that Bitcoin will resume its uptrend. The cryptocurrency mogul dismissed the drop as a “risk fish,” despite it being the largest single-session decline for Bitcoin since the collapse of Silicon Valley Bank.
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 Wars cost $$$…. Praying we don’t get a bigger one but after the risk flush, <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">$BTC</a> will resume its trend higher. I pray cool heads prevail and this is not the start of a major regional conflict. There are so many good things going on in the mid east, it’s just tragic that…— Mike Novogratz (@novogratz) <a href="https://twitter.com/novogratz/status/1779248032464191503?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">April 13, 2024</a>
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The recent dip in Bitcoin’s price was largely attributed to tensions in the Middle East, as Iran <a href="https://www.cryptotimes.io/2024/04/14/crypto-prices-drops-amid-tensions-between-iran-and-israel/" data-wpel-link="internal" rel="noopener noreferrer nofollow">launched</a> a significant missile and drone attack on Israel in retaliation for Israeli airstrikes in Syria. Novogratz expressed hope that “cool heads will prevail” and that this incident will not escalate into a larger regional conflict.
Despite the market volatility, Novogratz maintains his optimistic outlook for Bitcoin, predicting that the cryptocurrency could surpass $100,000 in 2024. He cites the “runaway momentum” in Bitcoin exchange-traded funds as a key driver for his bullish forecast.
Furthermore, Novogratz has recently tweeted that favorable micro-financial conditions, including the potential for the U.S. Federal Reserve to cut interest rates, could be a boon for the cryptocurrency market this year. However, persistent inflation concerns and the ongoing tensions in the Middle East may delay such rate cuts.
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 Also Read: <a href="https://www.cryptotimes.io/2024/04/14/solanas-open-interest-plunges-21-as-price-dips/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Solana’s Open Interest Plunges 21% as Price Dips</a>
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Novogratz Bullish on Bitcoin’s Recovery After Major Plunge

The Crypto Times

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