Analyst predicts a significant drop in bitcoin cryptocurrency

The CEO of Galaxy Digital is optimistic about the future of bitcoin despite a possible drop in its price. The analyst suggested that the cost of BTC could potentially drop to $ 42,000 due to market dynamics or changes in regulatory requirements.

According to Novogratz, even a significant drop in the price of the market flagship will not destroy its prospects. The expert emphasized the important impact of institutional investments on the cryptocurrency landscape, especially highlighting the growing ETF market. He noted that the influx of venture capitalists not only indicates a high interest in cryptocurrencies, but also portends a possible increase in the price of ETH.

Novogratz expressed confidence that the BTC will finish the year with strong performance. Speaking about the regulatory aspects, the analyst emphasized the importance of legal recognition of cryptocurrencies. Customer demand for bitcoin and other coins is pushing institutions to change their view of digital assets. According to Novogratz, financial advisors and platforms are forced to include cryptocurrencies in their offerings because a huge number of their clients demand it.

The CEO of Galaxy Digital agreed with Tom Lee’s optimistic opinion about the possibility of bitcoin reaching new heights, including a potential test of the previous peak of $ 69,000. As a reminder, FundStrat’s head of research Tom Lee recently made a big forecast for bitcoin’s price in 2024. The analyst said that the asset would more than double its previous historical high.