Bitcoin’s Path To $100K ‘Inevitable’ But Crypto Community Is ‘Leveraged To The Gills,’ Warns Galaxy’s Mike Novogratz, Predicts Correction To $80K Ahead
Bitcoin‘s (CRYPTO: BTC) surge toward $100,000 could face a significant pullback due to excessive market leverage, Galaxy Digital Holdings Ltd. CEO Mike Novogratz warned in a recent interview, even as the cryptocurrency continues setting new records.
What Happened: The billionaire investor highlighted concerning levels of leverage in the crypto ecosystem. “There’s a ton of leverage in the system right now,” Novogratz said on CNBC. “The crypto community is levered to the gills, and so there will be a correction.”
While Novogratz maintains that Bitcoin reaching $100,000 is “inevitable” – with prices recently touching $99,000 – he projects a potential retreat to $80,000 during a correction phase. This would represent a 20% decline from the six-digit milestone.
The warning comes …
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