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Galaxy Digital CEO Michael Novogratz Predicts Corrections in Crypto Market

Galaxy Digital CEO Michael Novogratz recently shared his insights on the current state of the crypto market, emphasizing the possibility of corrections and consolidation before reaching new highs.

In a recent interview with Bloomberg, Novogratz warned investors to remain vigilant when dealing with Bitcoin (BTC) as he foresaw potential short-term shifts in its trajectory.

Novogratz expressed his concerns by stating that he “wouldnÔÇÖt be surprised to see some corrections and some consolidation” in the market, suggesting that Bitcoin might correct to the mid-$50,000s before embarking on a new high trajectory.

ÔÇ£If it [Bitcoin] corrects, it might correct to the mid-$50,000s, before taking off to the new high.ÔÇØ

Michael Novogratz

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Novogratz characterized the current market rally as a phase of “price discovery,” attributing it to the introduction of spot Bitcoin exchange-traded funds (ETFs) that have attracted a new wave of investors and traders. As of the latest data, BTC has surged over 40% since the beginning of the year, surpassing the $60,000 mark on Feb. 28.

Comparing the current market situation to the 2021 cycle, Novogratz highlighted that institutional players now hold less leverage while retail traders are heavily leveraged, particularly due to offerings from offshore crypto exchanges.

ÔÇ£I think the market is too leveraged right now. There will be a washout. People canÔÇÖt sustain this much leverage.ÔÇØ

Michael Novogratz

Despite these concerns, Novogratz remains optimistic about the crypto market’s future, anticipating potential approval for spot Ethereum ETFs from the U.S. Securities and Exchange Commission later this year. Galaxy Digital, in partnership with Invesco, is actively working towards offering an Ethereum ETF.

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