According to Odaily, Michael Novogratz, the founder and CEO of Galaxy Digital, has expressed optimism about Bitcoin's potential to surpass the significant $100,000 mark following the U.S. election. He emphasized that while reaching a six-figure valuation for Bitcoin seems inevitable, it does not guarantee a continuous upward trajectory. Novogratz highlighted that despite the potential for further gains, a market correction is likely to occur eventually.
The cryptocurrency market currently exhibits a high level of leverage, with the crypto community heavily engaged in leveraged trading. This situation suggests that a market adjustment is on the horizon. Novogratz also issued a warning regarding stocks that trade similarly to leveraged Bitcoin transactions, such as MicroStrategy. He cautioned that these stocks might face more substantial adjustments in the near future. The insights provided by Novogratz underscore the volatile nature of the cryptocurrency market and the potential risks associated with leveraged trading strategies.
