Renowned investor and Galaxy Digital founder Mike Novogratz has indicated a bullish trend for Bitcoin (BTC), foreseeing a surge to $70,000 pending approval from the U.S. Securities and Exchange Commission (SEC) for spot Bitcoin exchange-traded funds (ETFs).
Novogratz shared his optimistic outlook in an exclusive Bloomberg interview on November 29, 2023. Confident in his projections, the Galaxy CEO emphasized the potential market impact and psychological shift likely upon the government's endorsement of spot Bitcoin ETFs.
In the interview, Novogratz highlighted the possibility of Bitcoin reclaiming its previous highs within a year, underscoring the pivotal role an SEC-approved spot Bitcoin ETF could play in propelling the cryptocurrency to historic peaks.
He pointed out the delicate balance in the Bitcoin market, suggesting that a new wave of investment might steer the trajectory of the largest cryptocurrency. Novogratz anticipated a change in market sentiment once the government greenlights Bitcoin purchases, potentially triggering a surge in its value.
Bloomberg analysts predicted a potential approval for a spot Bitcoin ETF by January 10, 2024. However, uncertainties prevail due to SEC Chair Gary Gensler's ambiguous stance on the matter, casting doubts on the ETF discussions. Analysts expressed concerns about the likelihood of last-minute rejections of pending spot Bitcoin ETF applications, a scenario described by Bloomberg ETF analysts as "remarkably uncertain."