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Bitcoin Price Discovery: Galaxy Digital CEO Expects New Record Highs
Find out why Galaxy Digital CEO believes Bitcoin is undergoing true price discovery for the first time in its history. Read how ETF approval is driving more investors into Bitcoin. Discover Bitcoin's price forecast and find out why the CEO believes Bitcoin will surpass its all-time high this year.
Bitcoin Price Discovery: Galaxy Digital CEO Expects New Record Highs
Bitcoin is experiencing real price discovery, according to Galaxy Digital CEO
The managing director of crypto investment firm Galaxy Digital, Mike Novogratz, says Bitcoin (BTC) is undergoing real price discovery for the first time in its history. In a new interview with Bloomberg Television, Novogratz predicts that the flagship digital currency will reach a significantly higher price by the end of 2024.
According to the CEO, wealth is flowing into Bitcoin from all sides following the approval of BTC exchange-traded funds (ETFs) in January. ETFs allow investors to gain exposure to an asset without actually having to purchase it.
"This is probably the first time in the history of Bitcoin that we have real price discovery. By that I mean, this is the first time that anyone who wants to buy it has easy access to it. Baby boomers have $85 trillion in wealth. Much of their wealth is managed by registered investment advisors, at least half of whom can now own Bitcoin. This is creating a real hype throughout the crypto ecosystem," said Novogratz.
Novogratz continues to say that he expects a correction for the leading crypto asset by market cap in the near future, but ultimately predicts BTC will surpass its previous high of $69,000, reached in November 2021.
"All types of stock indices have been rising in tandem with Bitcoin, so it wouldn't surprise me if there is a correction and consolidation. However, I'm not interested in predicting Bitcoin's high as I really believe we're in a price discovery phase where we'll probably test the old high and then have a consolidation, but I still think we'll go much higher at the end of the year," said Novogratz.
Currently, Bitcoin price is at $61,436, marking a slight increase in the last 24 hours.
Table: Bitcoin price development in recent years
| Year | Highest price | Lowest price |
|---|---|---|
| 2017 | $19,783 | $3,226 |
| 2018 | $13,880 | $3,183 |
| 2019 | $13,880 | $6,408 |
| 2020 | $29,111 | $4,914 |
| 2021 | $69,000 | $28,893 |
The table shows the high and low price of Bitcoin for each year from 2017 to 2021. Note that the price fluctuates widely and that past price trends are not a guarantee of future results.
Bitcoin has seen huge price increases in recent years. In 2017, the price reached its previous high of almost $20,000, but subsequently plummeted to below $3,500. In the years that followed, Bitcoin again saw sharp price fluctuations before reaching a new record high of over $29,000 in 2020. In 2021, Bitcoin finally reached a new all-time high of $69,000.
Mike Novogratz's statement that Bitcoin is currently undergoing real price discovery could indicate that the previous price increases were influenced by various factors such as market speculation, limited access and institutional interest. With the launch of BTC ETFs, more people now have access to Bitcoin, which could lead to increased buying and a possible increase in the price.
It remains to be seen whether Mike Novogratz's prediction of a higher Bitcoin price by the end of 2024 will come true. However, it is clear that Bitcoin continues to play an important role in the cryptocurrency market and attracts attention from investors and financial experts. However, as a volatile and highly fluctuating asset, Bitcoin still carries risks that investors should consider before investing.