Potential Bitcoin Surge to $1 Million: Novogratz Predicts Adoption Boost Could Ignite 10-Fold Price Rise
It's still a Bitcoin bull run, mate!
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Bitcoin may have dipped slightly, trading at $104,664.72 with a 2.65% decline in the last 24 hours, but long-term sentiment remains optimistic as hell! The digital kingpin is holding strong above the crucial $100,000 mark, according to CoinMarketCap.
So, what's the deal, you ask? Well, even though the temporary downturn reflects a bit of short-term volatility, the overall mood remains bullish as fuck.
Galaxy Bigwig Mike Novogratz bets big on adoption narrative
Galaxy Digital CEO, Mike Novogratz, ain't afraid to make a bold prediction - he believes Bitcoin could 10x to a million buckaroos if its adoption trend keeps rolling. In a recent CNBC spiel, Novogratz said,
"The bull case becomes that over time young people care about it more than old people, so gold slowly gets replaced by Bitcoin."
He ain't women, hear him roar! He added,
"If you look at gold's market cap and Bitcoin's market cap, Bitcoin has a long way to go, 10x, and so that's [$1 million] Bitcoin just to be where gold is."
"Winter is not coming back"
Mike Novogratz ain't alone in his bullish stance on Bitcoin's long-term potential. MicroStrategy's Executive Chairman, Michael Saylor, is also sticking to his guns. Saylor ain't buying the growing concerns of a possible crypto winter - he continues to stand tall as a champion for Bitcoin as a resilient store of value with unmatched long-term upside.
He said,
"Winter is not coming back. We're past that phase; if Bitcoin's not going to zero, it's going to $1 million."
So, what's the tech sayin'?
Both the RSI and MACD are currently signaling bearish momentum, hinting at a possible short-term pullback. However, on-chain data from IntoTheBlock paints a contrasting picture - more than 75% of Bitcoin holders are "In The Money," suggesting that a majority bought Bitcoin at lower prices and are still in profit. Only a small fraction, about 4.6%, are experiencing losses.
This overall profitability among holders may reflect underlying bullish sentiment.
But, we've still got questions...
Having said that, clouds of uncertainty still loom ahead. As we've previously mentioned, several uncertainties still cloud the path ahead, making it difficult to determine where Bitcoin's next top might lie and what key events could shape its trajectory in the coming months.
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- Billionaire and Galaxy Digital CEO, Mike Novogratz, predicted that Bitcoin could reach a million dollars if its adoption trend continues, citing its potential replacement of gold.
- Michael Saylor, MicroStrategy's Executive Chairman, also remains bullish on Bitcoin's long-term potential, confidently stating that Bitcoin will not return to a crypto winter and could reach $1 million.
- Despite the short-term bearish momentum indicated by the RSI and MACD, on-chain data shows that more than 75% of Bitcoin holders are "In The Money," suggesting strong underlying bullish sentiment.
