As Bitcoin surges toward its previous all-time high, industry experts are anticipating a correction before the digital asset can continue its upward trajectory.
Mike Novogratz, founder of Galaxy Digital, shared his insights with Bloomberg TV, suggesting that while Bitcoin has soared past the $60,000 mark this week, a correction is likely imminent.
Bitcoin Enters “Price Discovery” Phase
“I wouldn’t be surprised to see some correction and some consolidation, but I’m very loath to pick a Bitcoin high because I really do believe this is price discovery,” stated Novogratz, highlighting the ongoing exploration of BTC’s true value.
He elaborated that a correction could see Bitcoin fall to the mid-$50,000s before experiencing another surge to set a new high. The recent price surge, fueled by the approval of spot BTC ETFs in the U.S., has propelled Bitcoin into a “price discovery” phase, attracting new investors.
Novogratz cautioned that the market has become overly frothy, wi
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