Mike Novogratz, CEO of Galaxy Digital, believes that Bitcoin will retest the price record it broke in 2021.
In an interview with CNBC, the CEO of the $8.1 billion asset manager stated, "I think we'll retest past highs relatively quickly."
Novogratz said that if the $69,000 record level is breached, the next target price could be between $120,000 and $150,000.
In January, Galaxy partnered with Invesco to establish the Invesco Galaxy Bitcoin ETF. According to recent data, the fund has accumulated approximately 6,800 Bitcoins so far.
Novogratz believes that with the introduction of spot Bitcoin ETFs, traditional investors are now able to access Bitcoin more easily, and he expects these funds to continue growing.
The CEO of Galaxy predicts that Bitcoin may consolidate around the $50,000 level for a while longer before resuming its upward trajectory.
Regarding a potential price decline, Novogratz shared his views, suggesting that the price could temporarily retreat to the range of $42,000 to $45,000 due to a legal challenge or investor concerns.
"Your choice ? Bull or bear ? Please indicate in the comments."
