Bitcoin: Mike Novogratz Projects $50K as New Floor for BTC Price

Mike Novogratz, Bitcoin bull and founder of Galaxy Digital, has named the $50,000 price mark as “the new floor” for Bitcoin (BTC).

Mike Novogratz made this declaration while speaking in an interview with CNBC Squawk Box host Joe Kernan. The CNBC host asked Novogratz what he thinks about the price of Bitcoin, known to move from historic All-Time Highs ($ATH) to unprecedented lows.

In response, the Galaxy Digital founder said he believes the era of steeper lows is over, riding on the demands of spot Bitcoin Exchange Traded Fund (ETF) products.

Is Bitcoin Done With $50,000?

During the chat, Mike Novogratz did not dismiss the possibility of a correction. Bitcoin price has been on a massive rally since the start of the year, jumping as high as 69.13% Year-to-Date (YTD).

Since last week, Bitcoin price has broken multiple ATHs, with the latest $ATH coming in at $73,750, a figure achieved hours before writing. As is historically known, Novogratz acknowledged that “in times like this, you have to be ready for a correction.”

"Things are frothy, funding rates high. In times like this you have to be ready for a correction," says $GLXY CEO @novogratz. "I don't think we'll go back below 50,000, 55,000." pic.twitter.com/wDM15XytBj

— Squawk Box (@SquawkCNBC) March 13, 2024

Despite the projections of a pullback, he believes $55,000 will form a formidable region to bounce back. The $50,000 zone is the worst-case scenario projected. Mike Novogratz noted that looking at the charts, targets of $100,000 is possible as the digital currency is in a price discovery mode.

He emphasized that as long as the ETF complex continues to see inflows at its current pace, the price is going to keep growing.

Floor Price Confirmation

Many market experts are bullish on the price of Bitcoin at the moment. Among the traders that believe Bitcoin could soar as high as $250,000 is the legendary trader Raoul Pal.

To solidify the floor price thesis, CryptoQuant Founder and CEO, Ki Young Ju noted as reported earlier that Bitcoin may never fall below its ETF listing value of $46,376. He highlighted a similar trend in gold whose ETF debuted in 2004 at $444, a level the precious metal never traded at again.