Galaxy Digital CEO Mike Novogratz believes that the first cryptocurrency will go through a correction before reaching a new all-time high.
In an interview with Bloomberg Television, he expressed his opinion that Bitcoin could drop to $50,000 before continuing its uptrend.
Novogratz also pointed out the influx of new buyers and sellers to the market due to the introduction of spot Bitcoin ETFs.
He also warned about the excessive use of leverage by retail investors, saying that a “washout” phase is coming.
Additionally, the CEO predicted that the SEC will approve spot Ethereum ETFs by the end of 2024, with his company planning to offer the tool in partnership with Invesco.
