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<p>The post <a href="https://coinpedia.org/news/bitcoin-price-might-drop-to-this-level-before-hitting-ath-predicts-michael-novogratz/">Bitcoin Price Might Drop To This Level Before Hitting ATH – Predicts Michael Novogratz</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>Michael Novogratz, CEO of Galaxy Digital, believes <a href="https://markets.coinpedia.org/bitcoin/" target="_blank" rel="noreferrer noopener">Bitcoin</a> will rebound despite recent fluctuations. He predicts a likely upward trend by the year’s end. Let’s see what his targets for Bitcoin this year are.&nbsp;</p> 
<h2 class="wp-block-heading" id="h-bitcoin-price-to-dip-50k-before-new-ath"><strong>Bitcoin Price to Dip $50K Before New ATH</strong></h2> 
<p>In a recent <a href="https://twitter.com/LeJournalDuCoin/status/1765511859229110550">interview </a>with Fox Business, Michael Novogratz, a prominent figure in the cryptocurrency world, shared his prediction that Bitcoin would quickly hit $100,000 within the following year. He noted the potential for Bitcoin to fluctuate between $58,000 and $69,000 before experiencing a stronger upward push. Novogratz emphasized the increasing momentum in exchange-traded funds (ETFs) as a key driver for this growth, suggesting a bullish outlook for the digital currency.&nbsp;</p> 
<p>He adds that Bitcoin could dip back to the mid-$50,000s after its big jump of over 40% this year.</p> 
<p>But he also sees this as an excellent time to buy BTC. Here’s why?</p> 
<p>Bitcoin recently achieved an all-time high, surpassing $69,200 and bringing its market cap to over $1.3 trillion. This surge has been attributed to factors such as increased adoption by institutional investors and a generally positive sentiment in the cryptocurrency market. However, Bitcoin also faced significant volatility, dropping below $60,000 before rebounding to around $66,000.</p> 
<p>Also Read: <a href="https://coinpedia.org/news/south-korea-kimchi-premium-hits-2-year-high-leverage-sbf-to-make-million-a-day/">South Korea Kimchi Premium Hits 2-Year High – Leverage SBF To Make $Million A Day</a></p> 
<h2 class="wp-block-heading" id="h-crash-looming-nbsp"><strong>Crash Looming?&nbsp;</strong></h2> 
<p>Despite the optimism surrounding Bitcoin’s potential, Novogratz cautioned about the “frothy” state of cryptocurrency assets in a Bloomberg <a href="https://www.youtube.com/watch?v=DxJ_jxoptjU&amp;ab_channel=BloombergTelevision">interview </a>conducted six days ago. Novogratz says many new investors are buying crypto, which could increase prices before halving. But there might be ups and downs, making it a bumpy ride for Bitcoin and other cryptocurrencies. Since post-halving, there is a possibility of massive fluctuations.&nbsp;</p> 
<h2 class="wp-block-heading" id="h-btc-consolidation-range-60-000-69-000"><strong>BTC Consolidation Range: $60,000 – $69,000</strong></h2> 
<p>The Bitcoin price is predicted to experience a prolonged consolidation phase within $60,000 to $69,000, primarily due to the ongoing selling trend among long-term holders. IntoTheBlock’s analysis <a href="https://x.com/intotheblock/status/1765320986243535160?s=20">reveals </a>a significant buy-wall at $59,300, suggesting a potential reversal if these holders maintain their positions. However, the selling pressure from bearish traders near the psychological resistance at $70,000 makes a short-term move to $75,000 unlikely.</p>

Bitcoin Price Might Drop To This Level Before Hitting ATH – Predicts Michael Novogratz

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