$80K Bitcoins Horrific Crash: Novogratz Calls It a Golden Buy
- Bitcoins price stagnates as traders reassess positions after recent volatility and lack fresh market-moving narratives.
- Novogratz and Morehead see rising institutional interest, with sovereign wealth funds and firms eyeing billion-dollar Bitcoin investments.
- Bitcoin could dip to $80,000, but Novogratz sees it as a prime buying opportunity, reinforcing its store-of-value status.
Bitcoins price remains largely unchanged over the past week. Investors and traders are watching for the next market-moving event. After two volatile weekends, the market has quieted. Spot ranges have tightened, signaling a slowdown in activity.
Wintermute OTC trader Jake O. summed it up stating,
After two consecutive weekends of heightened volatility, the past few sessions have been noticeably slow.
He pointed out that traders are reassessing their positions after last weeks liquidation event.
The market lacks new narratives to drive momentum. Without fresh catalysts, investors remain cautious. But that could change soon, according to industry veterans like Mike Novogratz and Dan Morehead.
Galaxy Digital CEO Mike Novogratz shared insights at the Ondo Summit. He predicted a wave of public listings for crypto companies by mid-year. Weve been waiting 4.5 years, theres a new SEC, and so I think youre going to see a whole host of companies listing on the New York Stock Exchange or Nasdaq.
He also revealed that at a recent event attended by Peter Thiel and Mark Zuckerberg, about 20 crypto CEOs were present. This strong industry representation suggested optimism, despite political uncertainties.
One of Novogratzs biggest claims was that Bitcoin could soon appear on government balance sheets. He hinted at a conversation with a sovereign wealth fund leader, who was preparing to invest $500 million in Bitcoin. If institutions and governments follow suit, Bitcoins legitimacy as a store of value could strengthen.
Pantera Capital founder Dan Morehead tackled concerns about a crypto bubble. He dismissed the idea outright. How can you have a bubble that nobody owns? he asked. He pointed out that institutional exposure to blockchain remains minimal.
Morehead believes that even a tiny fraction of global assets, worth over $500 trillion, flowing into crypto could cause massive price shifts. Based on recent conversations with institutional investors, he expects adoption to accelerate this year.
Bitcoins Next Move
Bitcoin recently climbed to $109,000 before retreating to $97,650. Novogratz acknowledged the possibility of a dip to $80,000 but called it a buying opportunity. That doesnt invalidate this space at all, he stated.
The market remains in a waiting phase. Institutional adoption is gaining traction, but it may take months before its impact materializes. For now, investors are watching, waiting, and preparing for the next big move.
Read more: https://www.tronweekly.com/80k-bitcoins-crash-novogratz-golden-buy/
Text source: TronWeekly
