u.today
Cryptocurrency billionaire Mike Novogratz recently predicted that the price of Bitcoin (BTC) could surge "much higher."
"With pro-crypto leadership, global demand from the Middle East, and limited supply, the stage is set for much higher prices," Novogratz wrote in a recent social media post.
The crypto mogul is convinced that $100,000 is just "the start" for the leading cryptocurrency.
Novogratz has noted that Bitcoin is currently in the process of "price discovery" after repeatedly setting new record highs over the past two weeks.
The Galaxy Digital boss told CNBC that $100,000 was "almost inevitable." "When markets get close to targets, they hit them," Novogratz said.
Earlier today, Bitcoin surged to yet another lifetime peak of $98,310, according to CoinGecko data.
"I would not be surprised if we go much higher," Novogratz told CNBC earlier this Thursday.
"A correction is inevitable"
Despite his bullishness, Novogratz believes that a price correction is "inevitable."
"The crypto community is levered to the gills, and a correction is inevitable," he added.
Novogratz criticized the ETF products that offer amplified exposure to the red-hot MicroStrategy (MSTR) stock. He has warned that those who are toying with these risky products are "asking for trouble."
That said, Novogratz is "very confident" that Bitcoin is not going to drop below the $80,000 level. "It would be shocking to me if we went back," he said.