Novogratz Predicts Bitcoin (BTC) Will Resume Uptrend After Enormous Crash

In a recent post on the X social media network (formerly Twitter), Galaxy Digital CEO Mike Novogratz dismissed a recent market correction as a "risk fish."

The cryptocurrency mogul is convinced that Bitcoin, the largest cryptocurrency, will be able to resume its uptrend. 

As noted by Bloomberg this was the largest Bitcoin drop within a single session since the collapse of the Silicon Valley Bank (SVB). 

The drop occurred due to tensions in the Middle East, with Iran recently targeting Israel with a significant missile and drone attack. 

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The attack, which involved hundreds of drones and missiles, was supposed to be a retaliation after Israeli warplanes bombed Iran's consulate in Damascus, Syria, earlier this month. 

It is unclear if the response from Iran is going to lead to further escalation in the region. 

"I pray cool heads prevail and this is not the start of a major regional conflict.   There are so many good things going on in the mid-east, it’s just tragic that we are here," Novogratz said. 

Earlier, Novogratz predicted that the price of Bitcoin would be able to surpass $100,000 in 2024. He cited the "runaway momentum" in Bitcoin exchange-traded funds as the key reason behind his highly optimistic prediction. 

Moreover, the cryptocurrency billionaire recently tweeted that micro-financial conditions would be favorable for the cryptocurrency market this year since he predicted that the U.S. Federal Reserve would cut interest rates. 

However, persistent inflation concerns coupled with tensions in the Middle East could delay rate cuts. Earlier this week, the price of the top cryptocurrency experienced a sharp drop after the core consumer price index (CPI) showed higher-than-expected growth.