Could Bitcoin Reach $1M? Novogratz Forecasts 10x Surge Amid Adoption Wave

Key Points

• Galaxy Digital CEO Mike Novogratz predicts Bitcoin could surge to $1 million with rising adoption.
• Despite bearish momentum, over 75% of Bitcoin holders remain in profit.

Bitcoin [BTC], despite a recent dip, has managed to stay above the significant $100,000 mark, trading at $104,664.72 with a 2.65% decline in the last 24 hours.

This dip indicates short-term volatility, but the long-term sentiment for the cryptocurrency remains optimistic.

Novogratz’s Bullish Stance on Bitcoin

CEO of Galaxy Digital, Mike Novogratz, has expressed his belief that Bitcoin could increase tenfold to $1 million, provided its adoption trend continues to grow.

In an interview with CNBC, Novogratz stated, “The bull case becomes that over time young people care about it more than old people so gold slowly gets replaced by Bitcoin.”

He further added that Bitcoin has a long way to go in terms of market cap when compared to gold.

Other Bullish Predictions and Current Metrics

Michael Saylor, Executive Chairman at MicroStrategy, shares Novogratz’s bullish stance on Bitcoin’s long-term potential.

Saylor dismissed concerns of a possible crypto winter, asserting Bitcoin’s resilience as a store of value with unmatched long-term upside.

Despite Novogratz’s prediction of a 1,000% surge in Bitcoin largely depending on macro-level adoption, technical indicators suggest a more complex narrative.

The Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) currently indicate bearish momentum, hinting at a potential short-term pullback.

However, on-chain data shows more than 75% of Bitcoin holders are currently “In The Money,” indicating that a majority purchased BTC at lower prices and are still in profit.

Despite the overall profitability among holders, uncertainties remain about Bitcoin’s future trajectory.