TechFlow reported, according to The Block, Mike Novogratz, founder and CEO of Galaxy Digital and billionaire, said that Bitcoin is unlikely to fall below $50,000 unless a significant event such as negative liquidity in spot Bitcoin ETFs occurs.
Novogratz stated that the continuous rise in Bitcoin's price is primarily driven by ongoing inflows into U.S.-approved spot Bitcoin exchange-traded funds (ETFs).
He believes Bitcoin is currently in a price discovery phase and could eventually reach $100,000. At the same time, he thinks it is unlikely that spot Bitcoin ETFs will hold more than 20% of the total Bitcoin supply.
Novogratz also said the U.S. Securities and Exchange Commission (SEC) will ultimately approve a spot Ethereum ETF.
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