Mike Novogratz predicts Bitcoin could 10x to $1 million with rising adoption.
Despite bearish signals, over 75% of BTC holders remain in profit, suggesting optimism.
Despite experiencing a recent dip, Bitcoin [BTC] managed to hold steady above the crucial $100,000 threshold, trading at $104,664.72 with a 2.65% decline in the last 24 hours, according to CoinMarketCap.
While the downturn reflects short-term volatility, long-term sentiment remains optimistic.
Mike Novogratz bets big on adoption narrative
Galaxy Digital CEO Mike Novogratz believes Bitcoin could 10x to $1 million—if its adoption trend keeps growing.
Speaking in an interview with CNBC, Novogratz said,
“The bull case becomes that over time young people care about it more than than old people so gold slowly gets replaced by Bitcoin.”
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”
Well, Novogratz isn’t alone in his bullish stance on Bitcoin’s long-term potential. MicroStrategy’s Executive Chairman, Michael Saylor, has also doubled down on his confidence in the asset.
Dismissing growing concerns of a possible crypto winter, Saylor continues to champion 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.”
While Mike Novogratz’s prediction of Bitcoin surging 1,000% hinges largely on growing macro-level adoption, technical indicators tell a more nuanced story.
What are the metrics saying?
Both the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) currently signal 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 currently “In The Money,” suggesting that a majority purchased BTC at lower prices and are still in profit.
Only a small fraction, about 4.6%, are experiencing losses.
Source: IntoTheBlock
This overall profitability among holders may reflect underlying bullish sentiment.
Still, questions linger…
Having said that, uncertainties remain.
As previously noted by AMBCrypto, 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.
Next: Mantra’s house of cards: 91% in red, new wallets don’t want in – Will OM survive?
