Recently, Mike Novogratz, a well-known figure in the cryptosphere, recently shared his bullish outlook for Bitcoin (BTC) in 2024 on social media platform
Recently, Mike Novogratz, a well-known figure in the cryptosphere, recently shared his bullish outlook for Bitcoin (BTC) in 2024 on social media platform
This forecast came in response to a bearish post by Chris J. Terry, who predicted a bleak near-term future for Bitcoin due to potential selling pressure following Grayscale’s decision to maintain a 1.5% fee on its exchange-traded fund. on the stock market (ETF).
Novogratz’s optimistic outlook
Novogratz expressed disagreement with Terry’s pessimistic view. He believes investors could sell their holdings of Grayscale Bitcoin Trust (GBTC), but are likely to reinvest in other ETFs, particularly favoring BTCO.
The cryptocurrency mogul emphasized the ease of investing for a broader demographic, including boomers, through these ETFs.
He also pointed out the possibility of leveraging Bitcoin exposure up to four or five times. In his opinion, the current market malaise will pass, leading to a higher valuation of Bitcoin in the next six months.
JPMorgan’s cautious stance
In contrast to Novogratz’s optimism, JPMorgan remains bearish due to expected selling pressure from Grayscale.
This sentiment is shared by several financial sector analysts, who see the recent approval of multiple Bitcoin spot ETFs as a precursor to downward pressure on the price of Bitcoin.
Despite this, some analysts, such as Tuur Demeester, maintain a positive outlook. Demeester recently commented on Bitcoin’s resistance amid negative news coverage, noting that the cryptocurrency has reached predictable resistance and is now trading within a specific range.