TechFlow news, according to Bloomberg, Michael Novogratz, founder of Galaxy Digital, said that Bitcoin may experience some pullbacks before reaching new highs.
Novogratz predicted: "I wouldn't be surprised if we saw some correction now—BTC might retrace to around $55,000 before moving to new highs. Compared to the recent 2021 bull market, large institutional participants are using less leverage in this cycle, but retail traders are overly leveraged, especially referencing the leverage offered by offshore cryptocurrency exchanges. I believe market leverage is currently too high, and this is happening after a significant rise in market capitalization. There will be a cleansing—people can't withstand such high leverage. For millennial and generation investors chasing the top, some will make money, but many will get wiped out."
In addition, he expects spot Ethereum ETFs to be approved by the SEC at some point this year, and Galaxy is partnering with Invesco to offer Ethereum ETF services.
