#📈 Bitcoin unlikely to drop below $50,000

Galaxy Digital CEO Mike Novogratz told CNBC in an interview this morning that bitcoin's price is unlikely to drop below $50,000.

Bitcoin has been rallying mainly due to continuous inflows into spot bitcoin ETFs in the U.S., and as long as those net inflows remain positive, the bitcoin price will keep going higher, Novogratz said.

"Once that becomes negative, you'll see the first real correction," Novogratz added. "Things are frothy, funding rates are high, and so in times like this, you always have to be ready for a correction. I don't think we go back below $50,000-$55,000. I think that's the new floor unless something dramatic happens."

With bitcoin currently in price discovery mode, Novogratz suggested it could reach as high as $100,000.