{"id":3078730,"date":"2024-01-22T18:03:14","date_gmt":"2024-01-22T23:03:14","guid":{"rendered":"https:\/\/wordpress-1016567-4521551.cloudwaysapps.com\/plato-data\/mike-novogratz-foresees-bitcoin-price-rebound-through-gbtc-alternatives\/"},"modified":"2024-01-22T18:03:14","modified_gmt":"2024-01-22T23:03:14","slug":"mike-novogratz-foresees-bitcoin-price-rebound-through-gbtc-alternatives","status":"publish","type":"station","link":"https:\/\/platodata.io\/plato-data\/mike-novogratz-foresees-bitcoin-price-rebound-through-gbtc-alternatives\/","title":{"rendered":"Mike Novogratz Foresees Bitcoin Price Rebound Through GBTC Alternatives"},"content":{"rendered":"
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Chris J Terry, a crypto market analyst, has recently predicted that Bitcoin\u2019s (BTC) price could either remain stagnant or decline until the $25 billion liquidation of GBTC is finalized.<\/p>\n

Mike Novogratz, the founder of Galaxy Digital, holds a different view. He argues that despite the anticipated GBTC sell-offs, most investors will shift their focus to alternative ETFs, leading to a rise in Bitcoin prices within six months.<\/p>\n

Analyst Warns of Bitcoin Price Dip<\/h2>\n

BTCdata\u2019s Chief Architect, Chris J Terry, recently took to X to predict that Bitcoin prices will likely remain stable or fall until the completion of the $25 billion liquidation of Grayscale Bitcoin Trust (GBTC).<\/p>\n

Terry pointed to Grayscale\u2019s decision to maintain<\/a> a 1.5% ETF fee rate as a strategic mistake that could go down in cryptocurrency history.<\/p>\n

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I disagree with this. While I think people will sell GBTC, I think most will switch into other ETFs \u2013 $BTCO<\/a> being my favorite !!<\/p>\n

Let\u2019s not miss the forest through the trees. It\u2019s now gonna be far easier for boomers to buy corn. And you can get 4\u00d75 times leverage on this\u2026 https:\/\/t.co\/ZJhumt3tzx<\/a><\/p>\n

\u2014 Mike Novogratz (@novogratz) January 21, 2024<\/a><\/p>\n<\/blockquote>\n

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Terry\u2019s perspective is rooted in the expectation of significant sell-offs as part of the GBTC liquidation process, which he believes will exert downward pressure on Bitcoin prices. He foresees $25 billion worth of sell-offs in the coming weeks, leading to a challenging period for Bitcoin investors.<\/p>\n

Mike Novogratz disagrees with Terry\u2019s assessment. He argues that while some may sell off GBTC, the majority will likely transition their investments to other ETFs. He encourages observers to look beyond the individual \u2018trees\u2019 and consider the entire \u2018forest,\u2019 suggesting that the younger generation\u2019s ease of access to ETFs, with the ability to leverage up to four times, will contribute to Bitcoin\u2019s resurgence within six months.<\/p>\n

Novogratz Forecasts Bright Future for Bitcoin<\/h2>\n

On January 11, 2024, Novogratz shared <\/a>his insights on CNBC\u2019s \u201cSquawk Box,\u201d where he emphasized the long-term potential of Bitcoin and the evolving landscape of cryptocurrency ETFs. Drawing from his experience with the CI Group in Canada, he predicted that two or three dominant spot Bitcoin ETFs would emerge, with tracking errors crucial in determining market leaders.<\/p>\n

Novogratz highlighted the positive impact of new ETFs on making Bitcoin more accessible to the average investor, eliminating the need for extensive technical knowledge. He expressed optimism for newcomers to benefit from Bitcoin\u2019s growth potential, emphasizing the cryptocurrency\u2019s limited supply and the steadfast conviction of its holders.<\/p>\n

Considering potential competition among major players like Invesco, Fidelity, and BlackRock, Novogratz stressed the importance of low tracking errors and fees for consumers and institutions. He foresees a substantial increase in Bitcoin\u2019s price<\/a> due to the introduction of spot ETFs, as demand is expected to rise, especially among long-term BTC holders who are less inclined to sell.<\/p>\n

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