Galaxy Digital founder and CEO Mike Novogratz says Bitcoin (BTC) may be approaching a market bottom.
Speaking on Bloomberg Television, Novogratz says Bitcoin’s drop to around $76,000 reflects selling pressure at the margin rather than a collapse in institutional interest.
He says that while new institutions continue to enter the market, prices are still set by incremental buyers and sellers.
“I think we’re getting close to the bottom… And listen, there’s a couple of things that could help. The market structure bill. Passing would be a big deal. People are really pessimistic on it right now. I actually am a little more optimistic that things get done because I think both sides want it done.”
A second potential catalyst is a shift in expectations around monetary policy.
Novogratz says recent market declines were partly driven by fears of a hawkish policy stance, but argues those concerns may be exaggerated.
He expects policymakers to lean more dovish given the current economic environment, which could support risk assets including crypto.
He also says the removal of inflation tail risks is broadly positive for the US economy, even if it is not immediately bullish for assets like Bitcoin, gold and silver.
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